Revolutionary Cross-Border Digital Connection: India’s UPI Now Accepted in Nepal
In a groundbreaking development, NPCI International Payments Ltd (NIPL), the international arm of the National Payments Corporation of India (NPCI), and Fonepay Payment Service Ltd, Nepal’s leading payment network, have officially announced the integration of Unified Payment Interface (UPI) for cross-border transactions between India and Nepal.
This transformative partnership, unveiled at the Global Fintech Fest 2023 in India last September, has now become fully operational, opening the doors to QR-code-based person-to-merchant (P2M) UPI transactions between the two nations.
In its initial phase, this collaboration empowers Indian consumers to make instant, secure, and convenient UPI payments across various business establishments in Nepal through UPI-enabled apps. Merchants affiliated with the Fonepay Network can seamlessly accept UPI payments from their Indian counterparts, further solidifying the digital bridge between the two countries.
The integration of payment systems by NIPL and Fonepay signifies a monumental shift in cross-border transactions, promoting a new era of convenience and efficiency. This milestone not only marks the success of a partnership between two payment system operators but also symbolizes a deeper digital connection and collaboration between India and Nepal.
Ritesh Shukla, CEO of NIPL, expressed enthusiasm about the collaboration, stating, “We are elated to join hands with Fonepay to enable UPI payments in Nepal. This initiative signifies our commitment to innovating the digital payments space and 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, and we are excited to embark on this journey of transformation together.”
Diwas Kumar, CEO of Fonepay, shared his confidence in the transformative impact of this innovative service, 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. The seamless cross-border payment solution aligns with our commitment to drive the digital economy to the greatest height, and we anticipate a positive ripple effect on both local and regional economies.”
