Mumbai: The National Payments Corporation of India (NPCI) on Friday announced that Unified Payment Interface (UPI) is now live in neighbouring Nepal. UPI users can scan QR codes to make payments to Nepalese merchants.
NPCI International Payments Ltd (NIPL), the international arm of National Payments Corporation of India (NPCI) and Nepal’s largest payment network Fonepay Payment Service announced that UPI is now live for cross-border transactions between India and Nepal.
Following the 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, NIPL said.
In its first phase, the 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 accept UPI payments from Indian customers, it specified.
“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,” NIPL’s chief executive Ritesh Shukla 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,” Fonepay’s chief executive Diwas Kumar said.
