UPI
NPCI International Payments Limited (NIPL), the international armof National Payments Corporation of India (NPCI), recently announced surpassing 100,000 cross-border Unified Payments Interface (UPI) Person-toMerchant (P2M) transactions in Nepal.
NIPL collaborated with Fonepay, Nepal's payment network, to launch the cross-border P2M UPI acceptance in March 2024.
"Thismilestone signifies a new era of digital payment connectivity and collaboration between thetwo neighbouring countries," read a statement issued by the National Payments Corporation of India.
What is UPI payment system?
UPI is India's popular mobile-based real-time payment system, which enables instant personaland merchant payments.
The introduction of UPI has simplified payments for Indians travellingto Nepal.
Furthermore, Nepali travellers to India can also experience UPI payments now viaUPI One World.
Visitors can use the UPI One World app to make payments at merchantlocations by simply scanning the QR codes, making it easier for them to explore India’s richculture, cuisine, and many diverse experiences.
An NPCI International spokesperson, said, “We are happy with the positive feedback receivedsince the introduction of UPI merchant acceptance in Nepal. This milestone is a testament toour commitment to simplifying cross-border transactions between the two nations andenabling new avenues for trade and commerce. Given that Indians constitute the largestnumber of visitors to Nepal, we expect continued growth in UPI transactions. Furthermore, webelieve this initiative will contribute significantly to the economic development of both thecountries.”
UPI is currently accepted in Bhutan, France (Eiffel Tower - Online, Galeries Lafayette),Mauritius, Nepal, Singapore, Sri Lanka, and UAE.
It is one of the largest real-time paymentsplatform globally. As per a recent ACI Worldwide report, 49% of the worlds real-time paymentswere made in India in 2023.
NIPL has also collaborated with Nepal SBI Bank Limited (NSBL), to operationalise RuPaycards in Nepal.
RuPay is a global card payment network from India with wide acceptance atATMs, POS devices and ecommerce website.
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