Fonepay Payment Service Ltd has signed a memorandum of understanding (MOU) with GLN International to explore the possibility of cross-border QR payment between South Korea and Nepal.
We are thrilled to be collaborating with GLN to expand our services among the Koreans and people in GLN partners’ regions and is aligned with our international expansion drive in the recent times. This collaboration will help use technology to unlock new opportunities, enhance financial inclusion and contribute to creating a thriving digital economy in Nepal.
Mr. Diwas Kumar, CEO of Fonepay,
The news comes about a month after the initiation of cross-border between Nepal and India.
For now, Indian nationals can make QR payments in Nepal using BHIM and PhonePe. Authorities are now working to implement online payment through the Nepali app in India.
In the first phase, South Korean tourists will be able to make cardless payments in Nepal using the GLN app. Moreover, they can also use Hana 1Q, KB Wallet, iMBank, Toss, and Hana Money.
Together, Fonepay and GLN International will study the regulatory, operational, technical, and commercial feasibility of an inter-country payment processing switch between Nepal and Korea. The switch will allow QR-based online payment between the two countries.
This strategic partnership not only underscores our dedication to expanding into new territories but also reinforces our mission to provide innovative payment solutions that transcend borders.
Kyungho Kim, CEO of GLN,
This collaboration with Fonepay hints at GLN’s expansion to Central Asia. The Korean payment network provider is expected to enter the Philippines and Mongolia next. It already has a notable presence in Southeast and Northeast Asia.
