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In today’s digital age, striking a balance between our online and offline lives has become increasingly vital. With everything happening online, it’s easy to become consumed by it and overlook our real-world experiences. Learning to manage the time we spend online or use digital media is also critical for our mental well-being. Evana Manadhar of ApEx talked to three people to find out what strategies they use to ensure the internet doesn’t take over their lives. 

Prasansa Tuladhar, arts student

I have established firm boundaries. Though I use the internet for work and studies, my hobbies are entirely offline. I also spend time with my family during which I don’t use my phone. I prioritize value-driven digital media consumption, evaluating content’s alignment with my goals to make my online time meaningful. I also use screen time management tools and take breaks to reduce digital fatigue. I practice mindful content curation by ensuring my online feeds are informative and diverse. I regularly reflect on my digital habits, adjusting as needed to maintain a healthy balance. This holistic approach helps me navigate the digital world with purpose, enhancing my overall well-being and relationships.

Arnav Tuladhar, business student

Balancing my online and offline life as a bachelor’s student can be challenging, but it’s essential for maintaining your sanity. I believe setting boundaries is essential. I allocate specific time slots for online activities, ensuring that they don’t encroach upon my academic commitments or personal life. Physical activities also play a crucial role. Regular exercise and outdoor pursuits help me disconnect from the digital world. I also make a conscious effort not to look at screens before bedtime. I read a book or listen to some music. I value face-to-face interactions. Maintaining real-world connections is vital for my emotional well-being. I make an effort to schedule coffee dates with friends, engage in group activities, and participate in campus events to foster meaningful relationships beyond the digital realm.

Rojan Ghimire, Marketing Head at BG Group of Companies

I find that my life is intricately intertwined with technology and online platforms. While this connectivity brings numerous advantages, it often challenges my ability to strike a harmonious balance between my online and offline worlds. By defining specific times for cell phone usage, I can actively participate in offline activities and resist the constant urge to check notifications. Periodic digital detoxes also prove highly beneficial. These breaks from social media and digital platforms provide a chance to recharge and focus on my personal interests and simply be present in the moment without the pressure to document and share it online. I find it’s essential to limit my screen time, with most smartphones offering tools for monitoring and regulating daily gadget usage. By enforcing screen time restrictions, I can significantly reduce mindless scrolling. Being fully present during family time or activities is paramount for me. I put my phone aside and resist the temptation to check social media or messages, ensuring higher-quality offline experiences.

The collaboration between Fonepay and India’s NPCI International Payments Limited (NIPL) heralds an exciting era in cross-border digital payments, promising to empower millions of citizens in both Nepal and India with secure and convenient payment solutions. Through a certified mobile application developed by Fonepay and backed by the National Payments Corporation of India (NPCI), consumers and businesses will be able to effortlessly make instant payments using QR codes at various retail outlets. Evana Manandhar of ApEx spoke with Chief Executive Officer (CEO) of Fonepay, Diwas Sapkota, about this partnership. Excerpts. 

Could you give a brief description of the latest cross-border payment partnership between Fonepay and NPCI? Why did Fonepay decide to seek this collaboration?

The collaboration between NPCI and Fonepay for cross-border payments between India and Nepal, leveraging mobile banking and QR code technology, has the potential to revolutionize the way people transact when traveling between these two countries. This partnership promises a host of advantages for both customers and merchants, making cross-border payments more accessible, convenient, and secure.

Fonepay’s decision to seek collaboration with NPCI stemmed from a combination of strategic, market-driven, and customer-centric considerations. By entering into this partnership, Fonepay is strategically looking to expand its footprint and diversify its service offerings. This expansion into cross-border payments enables Fonepay to tap into the substantial flow of transactions between the two neighboring countries, driven by factors like tourism, trade, and remittances.

Moreover, in a competitive fintech landscape, staying relevant and ahead of the curve is crucial. Collaborating with NPCI, a renowned financial infrastructure provider, can give Fonepay a competitive edge by offering unique and innovative cross-border payment solutions. This move could position Fonepay as a frontrunner in the mobile banking and payment sector by meeting the evolving demands and expectations of its customer base.

What are the main benefits of cross-border payment facility for customers in Nepal and India?

The introduction of a cross-border payment facility between India and Nepal holds paramount significance in alignment with the national priorities of both countries. For nations prioritizing economic growth and stronger bilateral ties, this initiative represents a strategic move. By facilitating easier, faster, and cost-effective cross-border transactions, it paves the way for increased trade, investments, and business collaborations, ultimately bolstering economic development on both sides of the border. 

Additionally, the shift towards digital payments not only enhances financial security, but also simplifies transactions compared to traditional methods involving physical cash or international debit/credit cards. Customers can sidestep the risks associated with cash handling and the high foreign transaction fees often levied by banks for card usage abroad. This transition to digital payments not only streamlines the transaction process but also contributes to a more secure and convenient financial landscape for individuals and businesses in India and Nepal, further emphasizing the transformative potential of this cross-border payment innovation.

Can you provide any specific information regarding the Memorandum of Understanding (MoU)’s goals that apply to this cross-border payment project?

The successful launch of QR payments represents a significant milestone in the collaborative cross-border payment project between Fonepay and NPCI, benefiting customers traveling between India and Nepal. This achievement reflects a commitment to modernizing and simplifying cross-border transactions by providing a user-friendly QR code payment system

Building upon this success, the forthcoming goals of implementing P2P (Peer-to-Peer) payments and incorporating Rupee card payments demonstrate a holistic approach to enhancing the cross-border payment ecosystem. P2P payments will empower individuals to transfer funds easily across borders, addressing personal financial needs such as remittances. The inclusion of Rupee card payments, leveraging India's domestic card payment network, will offer an additional payment avenue, expanding the choices available to users.

When can customers anticipate this cross-border payment service to be fully operational and accessible? Could you give an estimate or target time frame?

The launch of a cross-border payment service is a multi-step process that demands careful coordination and collaboration with banking partners. Initially, the service provider, in this case, Fonepay, must establish partnerships with various banks, both within its home country and the target country (India, in this instance). These banks are essential for facilitating the cross-border flow of funds. While this process unfolds, the service can be rolled out with a limited number of partner banks, enabling customers to engage in one-way transactions, such as sending money from one country to another, within a relatively short span of 15-20 days. During this phase, rigorous testing and optimization efforts are common to ensure smooth functionality, regulatory compliance, and an optimal user experience.

However, the official launch of the service often takes more time, typically within a range of 6-12 months. This is because achieving full connectivity with a broader network of banks is a crucial step. It involves expanding partnerships to enable two-way transactions, allowing customers in both countries to send and receive funds seamlessly. Additionally, compliance with various regulatory requirements, both in the home and target countries, is a meticulous process that can contribute significantly to the extended timeline. Obtaining the necessary regulatory approvals and ensuring full compliance is essential for a smooth and legally sound cross-border payment service. Once all technical, regulatory, and partnership aspects are in place, the official launch can commence, encompassing marketing campaigns, customer education, and broad availability of the service to the public.

Can you describe the equipment or setup that will make it possible for these cross-border exchanges between Nepal and India? What sets it apart from card payment options?How can issues about compliance with KYC/CFT (Combating Financing of Terrorism) and AML (Anti Money Laundering) regulations and concerns be addressed to ensure that cross-border transactions with India are secure and adhere to global regulatory standards?

This setup encompasses critical components, such as a robust payment gateway infrastructure, collaboration with partner banks on both sides of the border, user-friendly mobile apps or websites for customer transactions, a currency conversion mechanism, and a compliance framework adhering to local and global regulations, including KYC/CFT and AML requirements.

What sets this approach apart from conventional card payment options is its emphasis on direct bank transfers, handling local currencies (Nepalese Rupee and Indian Rupee) without conversion fees, and deep integration with the local banking infrastructure for regional cross-border transactions.

To ensure compliance with KYC/CFT and AML regulations and address security concerns, strict measures are in place. These measures include thorough customer verification processes involving valid identification documents, transaction monitoring systems to detect suspicious activities, integration of AML and CFT measures, compliance with regulatory authorities, customer and employee education on compliance and security, and a commitment to regular audits and updates to stay in line with evolving threats and regulatory changes. In summary, the setup for cross-border exchanges through services like Fonepay is designed to provide a secure, efficient, and legally compliant ecosystem for cross-border transactions, bolstered by stringent compliance measures and advanced technology.

What steps are being taken to address cyber security and digital fraud concerns, so that customers feel secure performing cross-border transactions?

Ensuring the security of cross-border transactions is of paramount importance, and steps to address cybersecurity and digital fraud concerns closely align with those taken for domestic transactions. The core principles of cybersecurity, such as user awareness, multi-factor authentication, encryption, and compliance with recognized security standards, user education and awareness campaigns are pivotal, emphasizing the importance of not sharing sensitive information, being cautious of phishing scams, and adopting secure practices. Implementing multi-factor authentication adds an extra layer of protection. Robust encryption protocols are vital to safeguarding data during international transmission.

Moreover, obtaining relevant certifications signals a commitment to security, offering customers reassurance. Real-time transaction monitoring, powered by advanced fraud detection algorithms and artificial intelligence, can identify anomalies promptly. Collaboration with both domestic and international law enforcement agencies helps combat cybercrime effectively.

Customer support is indispensable, providing customers with a resource to report concerns and incidents. Regular security audits and vulnerability assessments maintain a proactive stance against potential threats. Lastly, international collaboration and information sharing within the global financial community play a crucial role in staying ahead of evolving cyber threats. Together, these measures create a comprehensive security framework that instill confidence in customers conducting cross-border transactions.

How does Fonepay hope to support Nepal’s digital economy and global financial inclusion in the context of such multinational partnerships? 

Fonepay aims to play a pivotal role in advancing Nepal’s digital economy and promoting global financial inclusion through strategic multinational partnerships. By leveraging its expertise in digital payments and financial technology, Fonepay can help bridge the financial inclusion gap in Nepal. This includes extending access to financial services to previously underserved populations, enabling efficient cross-border remittances, and facilitating the adoption of digital payments among businesses and consumers. 

Fonepay’s commitment to financial literacy initiatives, interoperability with various financial institutions, and outreach to rural communities further strengthens its potential to drive financial inclusion. Collaborations with global financial institutions can unlock a broader range of financial products and services for Nepali users, contributing to economic growth and empowering individuals and businesses to participate more fully in the digital economy. Ultimately, Fonepay’s role in promoting financial inclusion aligns with Nepal’s broader economic development goals and fosters greater connectivity with the global financial ecosystem.

A good tune can brighten up a gloomy day. It can make you forget your worries, albeit for a little while, which is sometimes all you really need to get back at it again. Evana Manandhar from ApEx talked to three youths to find out the importance of music in their lives. In the process, we delve into its multifaceted nature, its impact on our lives, and its profound influence on our emotions and behaviors.

Bishal Manandhar, Engineering student

Music has been an unwavering lifeline, a steadfast companion during my darkest moments. It’s been a warm embrace when I’ve felt really low. During those times when happiness was elusive, music emerged as a subtle motivator, infusing me with renewed energy and resolve. My playlist of cherished tunes is perhaps my most loyal friend, accompanying me in the solitude of my showers and infusing those intimate moments with a sense of comfort and familiarity. During grueling gym sessions, music serves as a beacon of motivation, pushing me to break through my physical and emotional barriers. In moments of isolation, when I have felt disconnected from the world, music has been my silent confidant. You can say that music reminds me of life’s beauty, even in the face of adversity. 

Rastrika Shakya, Fashion designer

Music is an ever-present and cherished companion. It’s a potent stress reliever and a distraction that brings positivity and tranquility. It often whisks me away from life’s worries, offering relaxation, sharpened focus, and an instant mood lift. Whenever I’m sad, music helps elevate my spirits. Whether it’s tackling household chores or preparing for the day ahead, music is a compulsory part of my routine, infusing each task with rhythm and joy.

Music transcends mere sound. I believe it embodies emotions that resonate with everyone. It makes everything seem bearable and cheers me up. I’d say music is not just a collection of notes but it’s actually a powerful emotion that enriches our lives. 

Suprekshya Pant, Law student

I’ve noticed a significant shift in my music-listening habits since moving to Australia from Nepal. Back in Nepal, music was primarily reserved for bedtime or shower time, providing a soothing end to the day. But now music has become a constant companion, woven seamlessly into my daily routine. I listen to music during my commute, at work, and while doing chores like cleaning the house, doing laundry, and washing dishes. It has evolved from a nighttime ritual to an essential part of my day-to-day life. This transformation is more than just a change in habit. It’s become a source of solace and respite amidst the demands of work and study. Music, with its ability to calm the mind and provide moments of peace, has become a vital thread in the fabric of my life in Australia, offering comfort and balance in the midst of a bustling and busy new environment.

The Nepal Oil Corporation Ltd (NOC), the sole importer and distributor of petroleum products, determines the maximum retail prices of fuels depending on a number of variables, including the price of crude oil in the world market, the cost of transportation, taxes, customs fees, exchange rates, and operational costs. The NOC has now started the Auto Fuel Pricing System and the cost of petroleum products have dropped as a result. Evana Manandhar of ApEx talked to Puskar Karki, deputy director and co-spokesperson of the NOC, to find out how this change will affect us in the long run. Excerpts:

What is the Auto Fuel Pricing System?

The Auto Fuel Pricing System refers to the  process by which the prices of vehicle fuels such as petrol and diesel are decided and regulated based on the tariff it receives from its sole supplier, the Indian Oil Corporation (IOC). It encompasses a variety of issues and stakeholders, including government agencies, oil firms, and market dynamics.

Every 15 days, we receive a new price from IOC, and we base our price on that, including taxes and other fees. The 2.5 percent profit margin has been lowered to two percent and we have kept no profit on LPG. If the IOC fluctuates the price, we will proceed accordingly.

How is it different from the previous system?

According to the previous system, the government, or the NOC had the authority to adjust the price of petroleum products any time. The adjustment of the price need not be in any pattern or ratio. But with the auto pricing system, the price will be adjusted as per the international market price.

Why did NOC introduce this system?

The NOC introduced the auto fuel pricing system to improve the transparency and consistency of petroleum product pricing in Nepal. Prior to the launch of this system, petroleum products’ prices in Nepal were governed directly by the government. It was up to the government if it wanted to charge a higher price or a lower price. But now, the government or the NOC can’t do so. We have to stick to the international market.

The approach improves transparency in fuel pricing by taking into account the numerous cost components and market factors that influence the final price. It explains how fuel prices are computed and offers customers and stakeholders a clear reason for any price change.

The price of petroleum products has now decreased with the launch of the auto pricing system. Will this trend continue? Will this help the public?

Around five months ago, the price of petrol was Rs 199 and it has dropped to Rs 165. The price of diesel has come down to Rs 145. As international prices have fallen, the price of petroleum products in Nepal has also fallen, which is good for us and the public. 

I can’t guarantee that the price will fall down every time as it will be decided by the international market. But this system will definitely help the public. Inflation is largely determined by the price of petroleum products and once it is reduced, other financial pressures will ease too. 

Will the IOC allow us to continue this system for a long time?

The IOC has nothing to do in the matter. Though we buy petroleum products from IOC only, it’s up to us on which platform will build our pricing system in Nepal. So this system will continue as long as the public extends its support. They should now understand that if there is a price hike, it’s not because of the NOC but the global market.