UPI payments now accessible for Indians in Nepal
Mar 08, 2024NPCI International Payments Ltd (NIPL), the international arm of NPCI and Fonepay Payment Service Ltd, Nepal’s largest payment network, announced that Unified Payment Interface (UPI) for cross-border transactions between India and Nepal is live now. This will increase the convenience and efficiency in transaction for tourists travelling to Nepal. Both entities are now fully operational and ready to facilitate QR-code-based person-to-merchant (P2M) UPI transactions between the two countries.
Nepal has 30% of its tourists as Indians, not taking into account religious tourists from India whose footfall cannot be accounted due to free visit to religious places and free cross-border movement between the two neighbours. UPI transactions will aid in the ease of travel for Indian tourists headed to Nepal as well as boost the economy of Nepal.
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.
The integration of payment systems by NIPL and Fonepay marks a revolutionary shift in cross-border transactions between citizens of both countries. This milestone signifies a successful partnership between two payment system operators and a new era of digital connection and collaboration between the two friendly nations.
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