The number of merchants in PhonePay Payment Service Ltd., the leading payment system operator in Nepal, has reached 5 lakh. Within two years of establishment, the number of merchants on PhonePay has exceeded 5 lakh.
Even though the company had to stay in lockdown for a long time due to the covid-19 epidemic, it has succeeded in increasing the number of merchants in cooperation with various banks and financial institutions.
At present, phonepay’s QR has increased from 50,000 daily transactions to more than 300 million transactions. Similarly, daily settlement of one billion rupees has been done through interbank money transfer, phonepay direct.
In terms of phone pay banking and merchant expansion, it has reached all the seven provinces of Nepal. 60 percent merchant province no. are in 3 and the remaining 40 percent of merchants are spread in other provinces.
PhonePay is a payment processing network that connects customers, banks and financial institutions, merchants, and governments in one Internet network.
The PhonePay network has made mobile banking more efficient and convenient in everyday financial activities by making payments easy, secure and accessible to everyone.
PhonePay Payment Service Limited is a leading and reputable payment system operator of Nepal licensed by Nepal Rashtrabank. Phonepay network has 60 banks and financial institutions and more than 450,000 merchants.
It has been providing services to more than 13 million mobile banking users and more than 45 million payment service providers through their mobile apps. PhonePay is a world-renowned data security standard ‘Payment Card Industry Data Security Standard’ PCI DSS Vithrutuvan certified organization.
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