Everest Bank and Fonepay Introduce Innovative Offline Digital Payment Solution “FoneTAG”

In a pioneering move towards enhancing digital payment accessibility, Everest Bank, a prominent joint venture partner with Punjab National Bank India, has joined forces with Fonepay, Nepal’s premier payment network, to introduce an innovative offline digital payment solution, known as “FoneTAG,” to the Nepali market. FoneTAG revolutionizes the way customers conduct transactions by allowing offline merchant payments through the use of an NFC tag or a CPQR code (customer presented QR code) via the mobile banking app, even in areas with limited or no internet connectivity.

With a transaction cap of Rs. 5000 per transaction, this groundbreaking service is readily available to all Everest Bank customers via their mobile banking app. Currently, FoneTAG is accessible exclusively on NFC-enabled Android smartphones, and for devices without NFC capabilities, the CPQR code can be used.

Everest Bank has achieved a remarkable milestone by being the first bank to introduce a fully offline digital payment solution. This innovation holds the potential to drive the adoption of digital payments in remote towns and rural regions where internet connectivity is limited. In urban centers, FoneTAG facilitates cashless transactions during large public gatherings, fairs, exhibitions, and even serves customers who prefer not to activate data or connect to public Wi-Fi services.

Ashutosh Sharma, Deputy General Manager of Everest Bank, expressed his enthusiasm for this initiative, stating, “Through this service, Everest Bank is enhancing customer convenience and addressing a significant challenge in digital payments. FoneTag’s seamless integration into our banking ecosystem empowers our customers to embrace secure and convenient digital transactions, showcasing Everest Bank’s commitment to staying at the forefront of technological advancements. We are excited to embark on this journey with Fonepay and usher in an era of effortless and secure transactions in Nepal.”

Diwas Kumar Sapkota, CEO of Fonepay, also expressed his excitement about this collaboration, remarking, “Fonepay takes immense pride in introducing Fonetag, our trailblazing offline digital payment solution, which reflects our dedication to innovation and convenience. We extend our sincere gratitude to Everest Bank for partnering with Fonepay to introduce this revolutionary offline payment solution in Nepal. This collaboration embodies the power of unity and shared vision, and we are excited to collectively shape a cashless future that benefits individuals and businesses across the nation.”

As part of this launch, customers can take advantage of a 20% cashback of up to Rs 500 when utilizing FoneTAG at various merchant outlets. For a comprehensive understanding of this service and to explore its advantages, both customers and merchants can approach Everest Bank to obtain all relevant information.

The introduction of FoneTAG is a significant stride towards driving digital payments and financial inclusion in Nepal, with the potential to revolutionize transactions in both urban and rural settings alike.