The National Payments Corporation of India (NPCI) on Friday (March 9th) revealed that the Unified Payment Interface (UPI) is now live in Nepal, enabling UPI users to scan QR codes for transactions with Nepalese merchants.
According to NPCI, the Unified Payment Interface (UPI) for cross-border transactions between India and Nepal was launched by NPCI International Payments Ltd (NIPL), the international arm of NPCI, and Fonepay Payment Service Ltd, Nepal’s largest payment network.
Initially, Indian consumers can utilize UPI-enabled apps to make instant, secure, and convenient payments at various business outlets in Nepal as part of the initial phase of this partnership. NPCI also mentioned that merchants within the Fonepay Network can seamlessly accept UPI payments from Indian customers.
This development comes after the collaboration between NPCI International Payments (NIPL) and Fonepay Payment Service, Nepal’s leading payment network, which began in September last year. It represents a significant advancement in cross-border transactions between citizens of both countries.
Ritesh Shukla, CEO of NIPL, stated, “This endeavor not only underscores our commitment to pioneering digital payment solutions but also demonstrates our resolve to forge fresh channels for trade, enhancing the ties between our two countries. We see this collaboration as a driver for enhanced financial inclusion and economic growth in the area.”
Diwas Kumar, CEO of Fonepay, commented, “I am optimistic that this cross-border payment initiative will notably enhance economic relations, trade, and tourism between our nations, ultimately fostering economic advancement and development.”
