UPI in Nepal: UPI will now be operational in Nepal as well, National Payments Corporation of India (NPCI) announced. The move will help UPI users to scan QR codes for payments while travelling to Nepal as the NPCL said, “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.”
Under the first phase, Indians can utilise UPI-enabled apps to make instant and secure payments at various business outlets in Nepal as all merchants who are under the Fonepay Network can accept UPI payments, NPCI explained. This comes after collaboration between NPCI International Payments (NIPL) and Fonepay Payment Service, Nepal’s leading payment network, in September 2023.
CEO of NIPL Ritesh Shukla said, “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.”
Meanwhile, Fonepay CEO Diwas Kumar asserted, “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.”
UPI service is available for Indians in countries including Singapore, Canada, Oman, Saudi Arabia, France and United Arab Emirates (UAE) as NPCI has tied up with companies in these countries.
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