SUMMARY
Both entities are now fully operational 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
This digital connection will strengthen the people-to-people ties between India and Nepal
The National Payments Corporation of India (NPCI) on Friday (March 8) said that the Unified Payment Interface (UPI) is now live in Nepal.
The NPCI International Payments Ltd (NIPL) and Fonepay Payment Service have signed a pact for cross-border transactions between India and Nepal.
Both the entities are now fully operational 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 under the Fonepay Network can seamlessly accept UPI payments from Indian customers, NPCI said in a statement.
This digital link will strengthen the people-to-people ties between India and Nepal. It also represents a successful partnership between two payment system operators and symbolises a new era of digital connection and collaboration between the two friendly nations, the statement added.
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.”
Diwas Kumar, CEO of Fonepay, said, “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.”
It is pertinent to note that countries such as Sri Lanka, Mauritius, Bhutan, Nepal, UAE and Canada have also deployed UPI in their respective countries.
Earlier, IT minister Ashwini Vaishnaw said that India has already signed memoranda of understanding (MoUs) with around 30 countries across the globe for deploying the UPI stack.
Last month, NIPL had signed a memorandum of understanding (MoU) with Greece-based Eurobank to facilitate cross-border payments to India via UPI.
Last year, the cross-border linkage between UPI and Singapore’s PayNow was also completed to enable the users of the two countries to make cross-border payments.
