Fonepay to launch wallet-to-wallet money transfer in a month

Fonepay will soon introduce a wallet-to-wallet money transfer feature. Also called inter-wallet transfer, the service will be launched within a month or by the end of May 2024.

The feature enables users to send money from one digital wallet to another wallet. Confirming the plan, Fonepay Chief Executive Officer Diwas Sapkota said that the company will launch it within a month.

Fonepay inter-wallet money transfer feature is in the works

“We are working on introducing an inter-wallet transfer facility within the next month,” he said, “Currently, money can be transferred from one bank to another bank. In the same way, we are bringing the facility of transferring money from one to another wallet through the Fonepay network.”

For this, Fonepay has already reached out to Nepal Rastra Bank (NRB) for permission. Being a regulatory bank, Fonepay, digital wallets, and other fintech companies need approval from NRB to introduce services.

Although a large swath of the urban population is covered by digital wallets, the inter-wallet fund transfer feature is not mainstream. Only, Moru Digital Wallet and Hamro Pay have launched it on their networks. However, Fonepay will bring the feature to the majority of users as most PSPs have integrated Fonepay services into their payment ecosystem.

Check out: Moru Wallet to Wallet Transfer in Nepal, Interoperability Begins!

After the Fonepay inter-wallet money transfer feature launches, users of one wallet will be able to transfer money to another wallet such as from eSewa to Khalti or vice versa. NRB has long called for interoperability among the digital wallets and this should be a key development in the right direction.