In a significant development, the National Payments Corporation of India or NPCI has announced the operationalisation of the Unified Payment Interface-UPI in Nepal. This move aims to facilitate UPI users in making seamless payments by scanning QR codes during their travels to Nepal.
Collaboration for Cross-Border Transactions
NPCI International Payments Ltd or NIPL, the international arm of NPCI, has joined forces with Fonepay Payment Service Ltd, Nepal’s largest payment network. Together, they have launched UPI for cross-border transactions between Bharat and Nepal, enabling swift and secure digital payments.
Instant and Secure Payments in Nepal
During the initial phase, Indian people can utilise UPI-enabled apps to make instant and secure payments at numerous businesses in Nepal. All merchants under the Fonepay Network are equipped to accept UPI payments, creating convenience for users and promoting cashless transactions.
Strategic Collaboration for Progress
NIPL CEO Ritesh Shukla accentuated the initiative’s significance, stating it reflects their commitment to innovate the digital payments space. He sees this collaboration as a catalyst for enhancing trade and strengthening the economic bond between the two nations, envisioning it as a driver for greater financial inclusion and economic prosperity in the region.
Positive Outlook on Economic Ties
Fonepay CEO Diwas Kumar expressed confidence in the cross-border payment solution’s potential to improve economic ties, commerce, and tourism between Bharat and Nepal. He envisions the initiative as a key driver for economic prosperity and progress, highlighting the positive impact it could have on both nations.
Expanding UPI Globally
This announcement follows the trend of UPI services becoming available for Indians in multiple foreign countries, including Singapore, Canada, Oman, Saudi Arabia, France, and the United Arab Emirates. NPCI’s collaborations with companies in these countries have expanded the reach of UPI, offering users the convenience of digital payments beyond Bharat’s borders.
