The National Payments Corporation of India (NPCI) on Friday said the unified payment interface (UPI) is now live in neighbouring country Nepal. UPI users can now scan QR codes to make payments to Nepalese merchants, according to an official statement.
“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,” the NPCI said in the statement on Friday.
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, it said.
This follows a tie-up between the National Payments Corporation of India International Payments (NIPL) and Nepal’s largest payment network Fonepay Payment Service in September last year.
Merchants acquired by the participating members of Fonepay Network can accept UPI payments from Indian customers, it specified. It called the integration a “revolutionary shift” in cross-border transactions between citizens of both countries.
NIPL’s chief executive 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.”
Fonepay’s chief executive 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.”
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