NPCI launches UPI in Nepal, paving the way for fast cross-border payments

Indian consumers can now make instant and secure UPI payments in Nepal through UPI-enabled apps.

New Delhi:

The National Payments Corporation of India (NPCI) announced on Friday that the Unified Payments Interface (UPI) is now operational in Nepal, allowing UPI users to scan QR codes to make payments to Nepali merchants.

“NCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), and Fonepay Payment Services Limited, Nepal’s largest payment network, have launched the Unified Payments Interface (UPI) for cross-border transactions between India and .Nepal,” NPCI said.

Initially, in the first phase of the collaboration, Indian consumers can utilize UPI-enabled apps for instant, secure and convenient payments at various business outlets in Nepal. NPCI said merchants under the Fonepay network can smoothly accept UPI payments from Indian customers.

The development follows the collaboration between NPCI International Payments (NIPL) and Fonepay Payment Service, Nepal’s leading payment network, in September last year. It marks a major shift in cross-border transactions between citizens of the two countries.

Ritesh Shukla, CEO of NIPL said: “This initiative not only reflects our commitment to innovate in the digital payments space but also creates new trade routes and strengthens connectivity between the two countries. We hope this partnership becomes Catalyst to achieve greater financial inclusion and economic prosperity in the region.”

Diwas Kumar, CEO of Fonepay, said: “I believe this cross-border payment solution will significantly improve economic ties, commerce and tourism between the two countries, ultimately promoting economic prosperity and progress.”