NPCI International, the international arm of National Payments Corporation of India has joined hands with Gateway Payments Service and Manam Infotech to deploy Unified Payments Interface (UPI) in Nepal for the larger digital public good and to bolster interoperable real-time person to person (P2P) and merchant payment transactions (P2M) in Nepal.
Nepal shall be the first country outside of India to adopt UPI as the payments platform driving the digitalization of cash transactions and furthering the vision and objectives of the Nepal Government and Nepal Rastra Bank as the Central bank.
This collaboration will enable the last-mile consumers in Nepal to reap the benefits of an open interoperable payments system driving immediate payment transfers between bank accounts and merchant payments in real-time. It will also enable the way forward for real-time cross-border P2P remittances between Nepal and India.
Rajesh Prasad Manandhar, CEO of GPS, the authorized Payment System Operators in Nepal, said, “The UPI service has created a significant positive impact in India in terms of the country’s digital payment transformation. We expect UPI in Nepal would play a pivotal role in transforming the digital economy of the country and dreams of building a less-cash society.”
