NEPAL COMMERCE CAMPUS

TRIBHUWAN UNIVERSITY

A Field Visit Report

On

“Fonepay.com”

For the partial fulfilment of course in

Bachelor of Business Administration
BBA 6th Semester

Submitted By: Submitted To:

Alisha Panthi (28364/20) Department of BBA

Abisha Pant (28361/20) Nepal Commerce Campus
Bhawana Yadav (28372/20)
Tribhuwan University
Anuja Panthi (28368/20)
Damini Yadav (28381/20)
 LETTER OF RECOMMENDATION

We hereby recommended that the report prepared by Group-D including our

team members Alisha Panthi, Abisha Pant, Anuja Panthi, Bhawana Yadav,
Damini Yadav entitled “FonePay” be accepted as fulfilling a partial requirement
for the course of E-Commerce under Bachelor of Business Administration.

Bigyan Dhungana
BBA Department
(Supervisior)
 CERTIFICATE OF APPROVAL

This is to certify that the field visit report prepared by Alisha Panthi, Abisha Pant,
Anuja Panthi, Bhawana Yadav, Damini Yadav entitled “FONEPAY” in partial
fulfillment of the requirements for the course of E-Commerce under Bachelor of
Business Administration Degree has been studied.

In our opinion, it is satisfactory in the scope and quality as a project for the
required course.

Internal Examiner External Examiner

 ACKNOWLEDGEMENT

It gives us immense pleasure to express our deep appreciation to all the people
who helped us in one way or another to complete this project work. Firstly, we
would like to express our sincere gratitude to the Central Department of
Management, Tribhuvan University for including E-Commerce project as a part
of our curriculum.

We are extremely thankful and indebted to our supervisor, Mr. Bigyan

Dhungana whose expertise was invaluable in completing this whole report. His
insightful feedback pushed us sharpen our thinking and brought our work. The
efforts put into this report is not of a single person but includes many inputs
from other individuals.
 ABSTRACT

Fonepay is an online payment or money transfer site that can be used to do

different transactions through online. It offers wide range of services true
quality using the latest technology. It is the predominant ecommerce venture in
Nepal with footprints in many ecommerce sectors such as shopping, remittance,
payment gateway, e-books, e-movies, games, online news etc. Different facts
and information are made available as per the need and sufficient information is
obtained from the visiting of office.

The data collected in this study are based on primary data collection (interview,
questionnaire and observation) and secondary data collection (Internet surfing).
From the data analysis of “Fonepay”, it can be seen that the company has made
great efforts to deliver quality experience to the consumers while having a lot of
areas for further improvement.
 Table of Contents

LETTER OF RECOMMENDATION
CERTIFICATE OF APPROVAL
ACKNOWLEDGEMENT
ABSTRACT
CHAPTER ONE.............................................................................................................................1
1.1 Introduction.............................................................................................................
1.2 Vision, Mission, Objectives and Values..................................................................
CHAPTER TWO: ANALYSIS...........................................................................................................3
2.1 Overview:................................................................................................................
2.2 Features:..................................................................................................................
2.3 Business Model.......................................................................................................
2.4 Marketing Strategies...........................................................................................
CHAPTER THREE: BUSINESS PROBLEM ANALYSIS AND SOLUTION.............................................8
3.1 SWOT ANALYSIS.............................................................................................
3.2 Problems and Solutions.....................................................................................10
CHAPTER FOUR: HOMEPAGE....................................................................................................12
CHAPTER FIVE: CONCLUSION................................................................................................... 14
BIBLIOGRAPHY..........................................................................................................................15
 CHAPTER ONE

1.1 Introduction

Fonepay Payment Service Limited (Fonepay) was incorporated as a public

limited company, registration no. 226298/076/077, on 2076.06.14 B. S
(01.10.2019 A. D), at Company Registrar Office of Government of Nepal under
Company Act 2063. The company is one of the Payment System Operator
(PSO) license no. 9/2076/77 (License date: 09.02.2020 A. D) by Nepal Rastra
Bank (NRB) under the Payment and Settlement Act, 2075. Fonepay is a digital
payment processor that connects consumers, banks and merchants in an
interoperable network to facilitate mobile/digital payments.
Fonepay Payment Service Limited is a company working in the field of
Payment System. Over the year, it has streamlined range of services by focusing
on developing transaction banking products and have evolved into a FinTech
(Financial Technology) company. Its acclaimed products include: Inter Bank
Fund Transfer (IBFT), Online Merchant Payment, Offline Merchant Payment
(Through QR technology) It is one of the pioneers in PSO Industry.

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1.2 Vision, Mission, Objectives and Values

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 CHAPTER TWO: ANALYSIS

FonePay is a mobile wallet and payment service based in Nepal, allowing users
to perform various financial transactions using their smartphones. Here's an
analysis of FonePay:

2.1 Overview:
FonePay provides a platform for users to make payments, transfer
funds, pay bills, recharge mobile phones, and perform other
financial transactions through their mobile phones.

2.2 Features:
• Mobile Wallet: FonePay offers a digital wallet where users can
store money securely and use it for various transactions.
• Payments: Users can make payments at both online and offline
merchants, including retail stores, restaurants, and utility bill
payments.
• Money Transfer: FonePay facilitates peer-to-peer money transfer,
enabling users to send money to friends, family, or businesses.
• Bill Payments: Users can pay utility bills, such as electricity,
water, internet, and mobile phone bills, conveniently through the
app.
• QR Code Payments: FonePay utilizes QR code technology,
allowing users to make payments by scanning QR codes at
merchant outlets.
• Rewards and Discounts: The platform may offer rewards,
discounts, or cashback incentives to users for using the service.

2.3 Business Model

Business model is simply a plan for the successful operation of a
business, identifying sources of revenue, the intended customer
base, products, and details of financing. FonePay involves two
business models. They are B2B and B2C.

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I. B2B business model:

This model can be defined as doing business electronically or business

that is conducted over the internet. It is the most common business model
associated with the buying and selling information, product or services
between or among the business through the internet. While transacting
through FonePay both the parties can be business parties where one party
pays to another and vice-versa. Hence, it is called B2B transaction.
FonePay provides the safe gateway to pay online.

II. B2C business model:

Here, business and consumers interact electronically or digitally in some

ways. B2C covers those e-commerce websites and transactions through
which organizations sell goods and services to consumers over the
internet. In a typically B2C model, the flow of information between
business and consumers is through the medium of internet. The same
principle is adopted by FonePay.

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5
 2.4 Marketing Strategies

Marketing strategies for Fonepay can be designed to increase brand awareness,

drive user adoption, and enhance user engagement. Here are some effective
marketing strategies for Fonepay:

I. Targeted Digital Advertising:

• Utilize digital advertising channels such as social media platforms,
search engines, and mobile apps to target specific demographics
and promote Fonepay's key features and benefits.
• Use data analytics to identify and target users who are more likely
to adopt digital payment solutions, such as tech-savvy individuals
or urban residents.
II. Partnerships and Co-branding:
• Form strategic partnerships with banks, financial institutions,
ecommerce platforms, and retail outlets to increase Fonepay's
acceptance network and reach.
• Collaborate with popular brands or influencers for co-branded
campaigns to reach a wider audience and enhance brand credibility.
III. Incentive Programs:
• Offer incentives such as cashback rewards, discounts, or loyalty
points to encourage users to make transactions using Fonepay.
• Launch referral programs where existing users can earn rewards for
referring new users to the platform, leveraging word-of-mouth
marketing.
IV. Educational Content:
• Develop educational content, including blog posts, videos, and
tutorials, to explain how Fonepay works, its benefits, and how
users can get started.

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 • Organize workshops, webinars, or community events to educate
merchants and consumers about the advantages of using Fonepay
for transactions.
V. User Engagement Campaigns:
• Run engaging campaigns and contests on social media platforms to
encourage user participation and interaction with the Fonepay
brand.
• Share user testimonials, success stories, and case studies to
showcase real-life examples of how Fonepay has simplified
transactions and improved financial management.
VI. Localized Marketing Initiatives:
• Tailor marketing campaigns to specific regions or communities,
considering cultural preferences, language, and local market
dynamics.
• Engage with local influencers or community leaders to promote
Fonepay and build trust within the community.
VII. Continuous Communication:
• Maintain regular communication with users through email
newsletters, SMS alerts, or in-app notifications to keep them
informed about new features, updates, and promotional offers.
• Solicit feedback from users and use it to improve the user
experience and address any concerns or issues promptly.
VIII. Data-driven Optimization:
• Use data analytics tools to track key performance indicators (KPIs)
such as user acquisition, retention, and transaction volume, and
optimize marketing strategies based on insights gathered.
• Conduct A/B testing of different marketing messages, creatives,
and channels to identify the most effective approaches for reaching
and engaging users.

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CHAPTER THREE: BUSINESS PROBLEM ANALYSIS AND
SOLUTION

3.1 SWOT ANALYSIS

I. Strengths:

First Mover Advantage: FonePay may have the advantage of being

one of the first digital payment platforms in Nepal, giving it brand
recognition and a head start in capturing market share.

Ease of Use: FonePay likely offers a user-friendly interface and

seamless transaction experience, making it convenient for users to
adopt and use regularly.

Wide Network: FonePay may have established a wide network of

merchants and service providers, offering users a diverse range of
payment options across various industries.

Security Features: Providing robust security measures such as

encryption, two-factor authentication, and secure payment
protocols, FonePay builds trust among users regarding the safety of
their transactions and personal information.

II. Weaknesses:

Limited Access to Smartphones and Internet: In Nepal,

smartphone and internet penetration may still be limited in certain
regions or among specific demographics, restricting the potential
user base for FonePay.

Dependency on Infrastructure: FonePay's effectiveness relies on

the availability of reliable internet connectivity and digital
infrastructure, which may not be uniformly developed across all
parts of Nepal.

Competition from Cash Transactions: Cash remains a dominant

form of payment in Nepal. FonePay may face challenges in

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 convincing users and merchants to shift from traditional cash
transactions to digital payments.

Lack of Awareness: Despite its advantages, FonePay may struggle

with low awareness among potential users, especially in rural areas
or among older demographics less familiar with digital
technologies.

III. Opportunities:

Growing Digital Adoption: As Nepal's digital infrastructure

improves and smartphone penetration increases, there is a
significant opportunity for FonePay to capitalize on the growing
trend of digital adoption.

Partnerships and Expansion: FonePay can explore partnerships

with banks, financial institutions, and government bodies to expand
its services and reach more users. This includes offering new
financial products and services through its platform.

Incentivizing Merchants: By offering attractive incentives and

benefits to merchants, FonePay can encourage more businesses to
accept digital payments, thereby expanding its network and
increasing transaction volumes.

Rural Outreach: FonePay can focus on expanding its presence in

rural areas by offering tailored solutions and awareness campaigns
to address the unique challenges and needs of these communities.

IV. Threats:

Competition from Established Players: FonePay faces competition

from both domestic and international digital payment providers
who may have greater resources, brand recognition, and market
presence.

Regulatory Challenges: Changes in regulations or government

policies related to digital payments could pose a threat to
FonePay's operations and require adaptation to remain compliant.

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 Cybersecurity Risks: With the increasing prevalence of cyber
threats and fraud, FonePay must continuously invest in enhancing
its cybersecurity measures to protect user data and prevent
unauthorized access.

3.2 Problems and Solutions

In Nepal, Fonepay faces several challenges:

I. Limited Digital Infrastructure: Nepal's digital

infrastructure, especially in rural areas, may not be well-
developed, leading to challenges in accessing digital
payment platforms like Fonepay. Poor internet connectivity
and lack of digital literacy can further exacerbate this issue.

II. Low Merchant Adoption: Many merchants, particularly

small businesses, may not have adopted Fonepay due to
various reasons such as lack of awareness, perceived
complexity, or reluctance to invest in new technology. This
limits the usability of Fonepay for consumers who wish to
make digital payments.

III. Security Concerns: Users may have concerns about the

security of their financial transactions and personal data
when using Fonepay. Security breaches or fraud incidents
can erode trust in the platform and deter adoption among
potential users.

IV. Limited Interoperability: Fonepay's interoperability with

other digital payment platforms and banking systems may
be limited. This can inconvenience users who rely on
multiple payment methods or bank accounts, as they may
face challenges in seamlessly transferring funds or making
payments across different platforms.

V. Socioeconomic Factors: Nepal's diverse socioeconomic

landscape presents challenges in promoting digital financial
inclusion. Factors such as low income levels, limited access

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 to banking services, and cultural preferences for cash
transactions can hinder the widespread adoption of Fonepay
among various segments of the population.

Addressing these challenges will require concerted efforts from

Fonepay, government agencies, financial institutions, and other
stakeholders to improve digital infrastructure, enhance merchant
adoption, strengthen security measures, promote interoperability,
and address socioeconomic barriers to digital financial inclusion.

Certainly! Here are potential solutions to address the challenges

faced by Fonepay in Nepal:

1. Improving Digital Infrastructure:

Infrastructure Investment: Invest in expanding digital

infrastructure, particularly in rural and underserved areas, by
enhancing internet connectivity and electricity supply.

Digital Literacy Programs: Implement educational programs to

improve digital literacy among the population, teaching them how
to use digital payment platforms like Fonepay effectively.

2. Encouraging Merchant Adoption:

Merchant Incentives: Offer incentives such as reduced transaction

fees or marketing support to merchants who adopt Fonepay.

Simplified Onboarding: Streamline the merchant onboarding

process to make it easier and more accessible for small businesses
to start accepting Fonepay.

3. Enhancing Security Measures:

Advanced Encryption: Implement advanced encryption protocols

and security measures to safeguard user data and transactions.

Regular Audits: Conduct regular security audits and updates to

identify and address vulnerabilities in the Fonepay platform.

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4. Promoting Interoperability:

Interoperability Agreements: Establish agreements with other

digital payment platforms and banking systems to enable seamless
fund transfers and interoperability.

Open APIs: Develop open application programming interfaces

(APIs) that allow integration with other payment systems and
financial institutions.

5. Addressing Socioeconomic Barriers:

Financial Inclusion Initiatives: Implement targeted initiatives to

promote digital financial inclusion among underserved populations,
such as low-income individuals and rural communities.

Affordable Services: Ensure that digital financial services,

including Fonepay, are affordable and accessible to all segments of
the population, regardless of income level.

By implementing these solutions, Fonepay can overcome the

challenges it faces in Nepal and work towards achieving greater
adoption and usage among consumers and merchants alike.

CHAPTER FOUR: HOMEPAGE

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These pictures are the homepage of Fonepay. When we open the app we will get
these features on our device.
a) To Contact
b) To Account
c) To Self
d) Request
e) View Statement
f) Payments:
 Electricity
 Internet
 Topup
 Insurance
 Cablecar
 Water
 Tv
 Government Revenue  Movies and soon.

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 CHAPTER FIVE: CONCLUSION

In conclusion, Fonepay has emerged as a prominent digital payment

platform in Nepal, offering convenience, security, and accessibility to
users across the country. Through strategic partnerships, innovative
features, and a user-centric approach, Fonepay has established itself as a
trusted solution for peer-to-peer transactions, bill payments, merchant
transactions, and mobile top-up services.

Despite facing challenges such as limited digital infrastructure and

competition from traditional banking services, Fonepay has
demonstrated resilience and adaptability in navigating the evolving
landscape of digital payments in Nepal. By focusing on user education,
merchant adoption, and continuous improvement of its platform,
Fonepay has positioned itself for further growth and expansion in the
coming years.

Looking ahead, Fonepay can capitalize on opportunities for rural

expansion, product diversification, and collaboration with regulatory
bodies to drive financial inclusion and innovation in Nepal's digital
economy. With a strong commitment to customer satisfaction, security,
and technological advancement, Fonepay is poised to play a pivotal role
in shaping the future of digital payments in Nepal and beyond.

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 BIBLIOGRAPHY

FONEPAY.com (n.d.). About information of FONEPAY.Retrieved from

information of fonepay.com:http://bossnepal.com/fonepay-com/
• Home page.https://www.fonepay.com//
• Fonepay.com (n.d.). Ways to load fund in fonepay.

Digital Wallet & Online Payment Services in Nepal | fonepay

FONEPAY is a digital wallet for instant, secure and hassle-free online

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