The National Payments Corporation of India (NPCI) has taken a significant step towards enhancing cross-border transactions by launching the Unified Payment Interface (UPI) in Nepal. This collaboration between NPCI International Payments (NIPL) and Nepal’s leading payment network, Fonepay Payment Service, promises seamless and secure payment experiences for both Indian consumers and Nepalese merchants.
What Is UPI?
The Unified Payment Interface (UPI) is a real-time payment system developed by NPCI that enables instant fund transfers between bank accounts using mobile devices. It has revolutionized digital payments in India, allowing users to link multiple bank accounts to a single mobile app and make transactions effortlessly.
In a recent announcement, NPCI revealed that UPI is now operational in Nepal. The partnership between NPCI International Payments (NIPL) and Fonepay Payment Service was established in September last year. This strategic alliance aims to facilitate cross-border transactions between India and Nepal.
Under this collaboration’s first phase, Indian consumers can utilize UPI-enabled apps to make instant, secure, and convenient payments at various business outlets in Nepal. Whether it’s settling bills at restaurants, shopping, or paying for services, UPI simplifies the process.
Merchants who are part of the Fonepay Network can smoothly accept UPI payments from Indian customers. By scanning QR codes, users can initiate transactions seamlessly, eliminating the need for physical currency or cards.
Ritesh Shukla, CEO of NIPL, expressed optimism about the partnership: “This initiative not only signifies our commitment to innovating the digital payments space but also reflects our dedication to creating new avenues for trade, strengthening the bond between the two nations. We envision this partnership as a catalyst for greater financial inclusion and economic prosperity in the region.”
NPCI International Payments Ltd (NIPL) and @fonepay Payment Service Ltd, have announced that UPI is now live for cross-border transactions between India and Nepal. This partnership will enable Indian consumers to make instant, secure and convenient QR code based UPI payments at… pic.twitter.com/YWjHATzxkO
— NPCI (@NPCI_NPCI) March 8, 2024
Diwas Kumar, CEO of Fonepay, emphasized the positive impact on tourism and commerce: “I am confident that this cross-border payment solution will significantly improve economic ties, commerce, and tourism between the two nations, eventually promoting economic prosperity and progress.”
As UPI transcends borders, it opens up exciting possibilities for seamless financial interactions between India and Nepal. With QR codes as the bridge, users can now make payments effortlessly, fostering economic growth and strengthening bilateral relations.
The launch of UPI in Nepal marks a milestone, and we look forward to witnessing its positive impact on businesses, travelers, and everyday transactions.
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