Indian citizens can seamlessly conduct QR-code-based UPI transactions in Nepal
FinTech BizNews Service
Mumbai, March 8, 2024: NPCI International Payments Ltd (NIPL), the international arm of National Payments Corporation of India (NPCI) and Fonepay Payment Service Ltd, Nepal’s largest 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 are now fully operational and ready 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 acquired by the participating members of Fonepay Network can seamlessly accept UPI payments from Indian customers.
This digital connection serves to reinforce the deep-rooted people-to-people ties between the neighbouring nations – India and Nepal. The integration of payment systems by NIPL and Fonepay marks a revolutionary shift in cross-border transactions between citizens of both countries, ushering in a new era of convenience and efficiency. This milestone not only signifies a successful partnership between two payment system operators but also symbolizes a new era of digital connection and collaboration between the two friendly nations.
Speaking on the development, Mr. Ritesh Shukla, Chief Executive Officer of NIPL, said “We are elated to join hands with Fonepay to enable UPI payments in Nepal. 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, and we are excited to embark on this journey of transformation together.”
Expressing his confidence in the transformative impact of this innovative service, Chief Executive Officer of Fonepay, Mr. Diwas Kumar 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. The seamless cross-border payment solution aligns with our commitment to drive digital economy to the greatest height, and we anticipate a positive ripple effect on both local and regional economies."
