Connect with us

Hi, what are you looking for?

Digital Transformation

UPI is now accepted in Nepal

UPI is now accepted in Nepal

NPCI International Payments Ltd (NIPL), the international arm of National Payments Corporation of India (NPCI) and Fonepay Payment Service Ltd, Nepal’s largest payment network, have announced that Unified Payment Interface (UPI) is now live for cross-border transactions between India and Nepal.

Following the unveiling event at Global Fintech Fest 2023 in India in September, both entities are now fully operational and ready to facilitate QR-code-based person-to-merchant (P2M) UPI transactions between the two countries.

In its first phase, this partnership will enable Indian consumers to make instant, secure and convenient UPI payments across various business stores in Nepal by using UPI-enabled Apps. Merchants acquired by the participating members of Fonepay Network can seamlessly accept UPI payments from Indian customers. This digital connection reinforces the deep-rooted people-to-people ties between the neighbouring nations – India and Nepal.

The integration of payment systems by NIPL and Fonepay marks a revolutionary shift in cross-border transactions between citizens of both countries, ushering in a new era of convenience and efficiency.

Speaking on the development, Ritesh Shukla, Chief Executive Officer of NIPL, said “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.”

PR Newswire

Copyright © Glocal Infomart Pvt Ltd. All rights reserved. Usage of content from website is subject to Terms and Conditions.