The National Payments Corporation of India (NPCI) announced on Friday that the unified payment interface (UPI) is now operational in Nepal, allowing UPI users to scan QR codes for payments to Nepalese merchants.
"NPCI International Payments Ltd (NIPL), the international division of the National Payments Corporation of India (NPCI), and Fonepay Payment Service Ltd, Nepal's largest payment network, have launched Unified Payment Interface (UPI) for cross-border transactions between India and Nepal," the NPCI stated.
Initially, Indian consumers can utilise UPI-enabled apps to make instant, secure, and convenient payments at various business outlets in Nepal under this partnership's first phase. Merchants under the Fonepay Network can smoothly accept UPI payments from Indian customers, the NPCI mentioned.
The development follows the collaboration between NPCI International Payments (NIPL) and Fonepay Payment Service, Nepal's leading payment network, in September last year. It marks a significant shift in cross-border transactions between citizens of both nations.
Ritesh Shukla, CEO of NIPL, expressed, "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, remarked, "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."
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