The National Payments Corporation of India (NPCI) announced on Friday that Unified Payment Interface (UPI) is now operational in Nepal, allowing UPI users to conduct transactions by scanning QR codes at Nepalese merchants, according to an official statement.
The move follows a partnership established in September last year between the National Payments Corporation of India International Payments (NIPL) and Nepal's largest payment network, Fonepay Payment Service.
In the initial phase of the collaboration, Indian consumers can utilize UPI-enabled apps to make instant, secure, and convenient payments across various business establishments in Nepal, as outlined in the statement.
Merchants affiliated with the participating members of the Fonepay Network are equipped to accept UPI payments from Indian customers, the statement specified.
Describing the integration as a "revolutionary shift" in cross-border transactions between citizens of both countries, NIPL's chief executive, Ritesh Shukla, emphasized the initiative's role in fostering innovation within the digital payments sector and strengthening bilateral trade ties.
"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," Shukla said.
Fonepay's chief executive, Diwas Kumar, expressed optimism regarding the cross-border payment solution's potential , saying ,"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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