By A Staff Reporter
Kathmandu, Mar. 6: Electronic payment transactions have been increasing over the years due to the development of payment infrastructure, policy of encouraging electronic payments and gradual adoption of electronic payment instruments.
Chief Executive Officer (CEO) of the F1Soft International Subash Sharma said that attraction of the consumers towards digital payment has been encouraging lately with the launch of new technologies.

“With the development of various kinds of payment infrastructures such as QR code, mobile banking and internet banking, the whole financial system has turned into a digital wallet for the consumers,” he said.
The F1Soft is an ecosystem of digital products and services that facilitates Nepali consumers’ access to financial services and enables their inclusion in the formal digital economy, in simple, affordable and secure ways, Sharma said.

“We are a diversified Digital Financial Services (DFS) holding company with over 18 years of operating experience across various iterations. We have invested over a decade innovating DFS products and services and are proud to have developed Nepal’s first ever Online Payment Gateway and Digital Wallet. We are the only one in mobile banking and a trusted technology partner to over 50 Nepali banks and financial institutions,” he said.

The company, which has set up its services through SMS banking, has now developed much-needed technologies such as internet banking, mobile banking, Viber banking and phone loans, which are required by the financial sector. Similarly, F1Soft has developed mobile payments such as e-Sewa and fonepay.
According to the company, daily transactions from fonepay under QR code and interbank fund transfer is around Rs. 2.5 billion while Rs. 1.5 billion was transferred from e-Sewa under utility payment and corporate e-Sewa.

QR code becoming popular
The QR code and interbank fund transfer are becoming popular among users as the number of users of QR code are increasing, he said. The products required for mobile financial services are developed inside the country, he said.

“In terms of financial technology, we are not far behind others, including our neighbours” he told The Rising Nepal.
The company develops fintech solutions aimed at simplifying the access and use of financial services by individuals and organisations, he said.
He said that the technology developed by F1Soft is made with the view that the daily life of the general people will be made comfortable and its benefits will reach all across the country.

F1Soft technology in most banks
Most of the banks and financial institutions in Nepal are providing services using the technology developed by F1Soft, he said.
There are more than 11 million users of mobile banking and internet banking developed by the company in Nepal. Banks are providing digital services to customers using technology developed by F1Soft.

The mobile banking and internet banking platforms developed by F1Soft are currently used by over 90 per cent of the banks in Nepal serving in excess of 14 million people. The systems contribute to nearly 80 per cent of the total digital payments in Nepal.

Sharma said that the system would not itself be problematic or risky but how we use it and keep our personal data secret and secure matters.
“We have to increase awareness among people about the proper use of technologies. The service providers and banks and other bodies related to financial services are working in awareness enhancement,” he said. The number of problems seen in transactions is very nominal in terms of daily turnover.

He said that they have recently introduced a new digital lending service ‘fone loan’ where around six commercial banks have been involved. Under this service, the banks can provide small short-term loans instantly to the users based on their volume of transactions.

These pre-approved loans are available to banking customers deemed eligible by an automated analytics system as per the criteria set by the banks.
With increasing payment options such as digital wallets, debit cards, online payment portals and scan to pay services, Nepal seems to be taking giant steps towards becoming a cashless nation, he said.
“We are working for digital payment and financial services supporting the government’s aim to make digital Nepal,” he said. Along with making payments digital, we are working to provide financial services, including open bank accounts and investment, through mobile phones, Sharma said.

Operation of 13 subsidiary companies
F1Soft International currently operates 13 companies including F1Soft, e-Sewa, fonepay, e-Sewa Money Transfer, Diyalo Technology, Cogent Health, Darshan Tech, Shiran Technologies, Logica, Extenso Data, Swastik and BusSewa.

Most of the 13 companies are developed by F1Soft. Apart from the financial sector, these companies also develop software for the purpose of digitising health, education and various other sectors.
These companies are directly and indirectly supporting the digital ecosystem, said Sharma.