Mahalaxmi Bikas Bank Pioneers Nepal’s First Virtual Credit Card Among Development Banks

Fonepay, Nepal’s leading digital payment network, in collaboration with Mahalaxmi Bikas Bank, has introduced the Mahalaxmi Fonepay Credit Card — the first of its kind by any development bank in the country.

Entirely virtual and accessible via the bank’s mobile app “Mahalaxmi Smart Sathi,” this credit card enables customers to make QR-based payments at Fonepay-enabled merchants nationwide. Users will enjoy traditional credit card benefits, including a 45-day interest-free period and flexible repayments, without the need for a physical card.

To mark the launch, users can avail up to 50% cashback (maximum Rs. 500) on their transactions for a limited time.

This initiative reflects a significant move toward redefining digital credit access and underscores the growing shift toward inclusive, tech-driven financial services in Nepal.