May 30, 2024 14:13 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Shashi Tharoor's former PA arrested at Delhi Airport in gold smuggling case, Congress leader says 'law must take its own course' | Bihar man dies in Delhi hospital due to heat stroke amid record-breaking heatwave in national capital | Bengali film actress Rituparna Sengupta summoned by ED in ration distribution scam | Centre begins process of granting citizenship under CAA in West Bengal | Delhi govt imposes fine on car wash amid severe water crisis
India's UPI is now accepted in Nepal
UPI
Photo Courtesy: Pixabay

India's UPI is now accepted in Nepal

| @indiablooms | 09 Mar 2024, 06:46 pm

NPCI International Payments Ltd (NIPL), the international arm of National Payments Corporation of India (NPCI) and Fonepay Payment Service Ltd, Nepal’s 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 arenow fully operational and ready to facilitate QR-code-based person-to-merchant (P2M) UPItransactions between the two countries. 

In its first phase, this partnership will enable Indianconsumers to make instant, secure and convenient UPI payments across various business storesin Nepal by using UPI-enabled Apps.

Merchants acquired by the participating members ofFonepay Network can seamlessly accept UPI payments from Indian customers. 

This digital connection serves to reinforce the deep-rooted people-to-people ties between theneighbouring nations – India and Nepal. 

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

This milestone not only signifiesa successful partnership between two payment system operators but also symbolizes a new eraof digital connection and collaboration between the two friendly nations. 

Speaking on the development, Ritesh Shukla, Chief Executive Officer of NIPL, said, “Weare elated to join hands with Fonepay to enable UPI payments in Nepal. This initiative not onlysignifies our commitment to innovating the digital payments space but also reflects our dedicationto creating new avenues for trade, strengthening the bond between the two nations. We envisionthis partnership as a catalyst for greater financial inclusion and economic prosperity in the region,and we are excited to embark on this journey of transformation together.” 

Expressing his confidence in the transformative impact of this innovative service, Chief ExecutiveOfficer of Fonepay, Diwas Kumar said, “I am confident that this cross-border paymentsolution will significantly improve economic ties, commerce, and tourism between the two nations,eventually promoting economic prosperity and progress. The seamless cross-border paymentsolution aligns with our commitment to drive digital economy to the greatest height, and weanticipate a positive ripple effect on both local and regional economies."  

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.