You can now use UPI to make payments in Nepal
What's the story
The National Payments Corporation of India (NPCI) has announced that the Unified Payment Interface (UPI) is now available in Nepal, allowing users to scan QR codes and make payments to Nepalese merchants.
This development is the result of a partnership between the National Payments Corporation of India International Payments (NIPL) and Fonepay Payment Service, Nepal's largest payment network.
The partnership was established in September last year.
Ease of paying
Merchants part of Fonepay network can accept UPI payments
In the initial phase of this collaboration, Indian consumers can now make UPI payments at various businesses in Nepal using UPI-enabled apps.
Merchants who are part of the Fonepay network can accept UPI payments from Indian customers.
This integration has been termed as a "revolutionary shift" in cross-border transactions between citizens of both countries.
Indo-Nepal ties
Strengthening economic ties and promoting prosperity
Ritesh Shukla, NIPL's Chief Executive, said that this initiative signifies the commitment bring about innovation in digital payments space.
"Also it reflects our dedication to creating new avenues for trade, strengthening the bond between the two nations," Shukla remarked.
Fonepay's Chief Executive Diwas Kumar also said that the cross-border payment solution will significantly improve economic ties, commerce, and tourism between the two nations.
Global footprints
Nepal latest to embrace India's UPI
Nepal is the latest country to accept India's UPI.
Previously, France, Sri Lanka, Mauritius, United Arab Emirates, and Singapore have embranced UPI.
The UPI system was launced in 2016. It currently accounts for nearly 80% of digital payments in India.
It also allows transactions without internet connectivity. You can install UPI Lite X to conduct offline transactions from your mobile phone.