Fonepay Launches Nepal's First Virtual Credit Card with Citizens Bank

Fonepay, Nepal's leading payment network, announced the launch of the Fonepay Credit Card through Citizens Bank, marking it as the first bank to offer this innovative digital credit solution.

The Fonepay Credit Card is designed as a fully functional digital card, accessible directly from mobile banking applications, enabling customers to make QR and online payments and manage their transactions and card features with ease.

This virtual credit card scheme is aimed at redefining customer experiences in the payment card industry by providing features such as seamless EMI conversions, real-time card management, and instant issuance of the card within mobile apps.

Diwas Kumar, CEO of Fonepay, highlighted the credit card scheme as part of their commitment to democratizing credit and enhancing financial inclusion in Nepal. The introduction of this domestic virtual card scheme is expected to save significant costs for the economy and boost business for merchants by offering a cost-effective payment solution.

Fonepay also acknowledges the collaboration with Citizens Bank for being the pioneer in adopting and implementing this new digital payment solution. Fonepay continues to work towards a cashless economy and is regulated by Nepal Rastra Bank, committed to enhancing the efficiency and reach of payment systems through innovative technology.