Fonepay’s Profit Jumps 68 Percent, Earns Rs 31.5 Crore In A Year

Kathmandu: Payment system operator (PSO) fonepay has recorded a sharp increase in its net profit. The company increased its profit by 68 percent in the last fiscal year 2081/82.

According to the company’s recently released financial report, fonepay earned a net profit of Rs 315 million in fiscal year 2081/82. In the previous fiscal year 2080/81, the company’s net profit stood at Rs 187.6 million.

Along with profit growth, the company’s earnings per share also improved significantly. Earnings per share, which stood at Rs 37.16 in fiscal year 2080/81, increased to Rs 62.32 in fiscal year 2081/82.

Fonepay is currently the largest PSO in Nepal. The company operates the ‘fonepay Direct’ service, which allows users to transfer money using mobile phone numbers, in addition to QR-based payments. Users can also pay various service fees and utility bills through fonepay.

As part of its technological expansion, fonepay has recently launched a virtual credit card. At present, cross-border transactions are taking place between Nepal and India through fonepay’s network. The company has also signed agreements with countries including South Korea and Sri Lanka for cross-border electronic payment services.

 

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