The potentially disruptive offering can be issued instantly by a mobile banking app and is accepted by over 1.5 million merchants.
Mount Everest is not only the highest peak in the world, but it also has a little-known penchant for setting unbreakable international finance industry records - at least until we find a higher mountain, which at this point seems altogether unlikely.
In 2013, two mountaineers were the first to successfully use a mobile banking app for transfers and share trading on several of the base camps leading up to the famous summit.
Highly Digitalized
Now it seems the rest of the country down below is going to get some of that digitalized banking love.
An announcement by Compass Plus Technologies on Wednesday states that Nepal’s largest payment network, Fonepay, has launched the country’s first virtual credit card.
Adoption by Major Banks
It was developed together with Compass using its TransAxis payment platform and it can be issued instantly and accepted by over 1.5 million of the country’s merchants.
According to Compass, two major banks have already adopted the service and a third is set to follow.
Paras Kunwar, Fonepay chief operating officer, said the launch was a «transformative step» in Nepal’s financial ecosystem.
«With the support of Compass Plus Technologies, we have introduced a disruptive credit card offering to Nepalese customers powered by a domestic mobile payment scheme that not only meets the needs of our financial partners but will also empower millions of customers with a new, digital-first payment option,» Kunwar indicated in the announcement.
