Top News

On Friday, the National Payments Corporation of India (NPCI) announced that Nepal, a neighboring nation, has officially implemented the Universal Payment Interface (UPI). An official release states that UPI users may now pay Nepalese retailers by scanning QR codes.

The National Payments Corporation of India (NPCI) said in a statement on Friday that “Unified Payment Interface (UPI) is now live for cross-border transactions between India and Nepal,” citing NPCI International Payments Ltd (NIPL), the international arm of the NPCI, and Fonepay Payment Service Ltd, Nepal’s largest payment network.

Through the use of UPI-enabled applications, Indian customers will be able to quickly, securely, and conveniently make UPI payments across a variety of commercial shops in Nepal during the initial phase of this relationship. It said that participating Fonepay Network merchants may easily accept UPI payments from Indian clients.

This comes after the biggest payment network in Nepal, Fonepay Payment Service, and the National Payments Corporation of India International Payments (NIPL) partnered in September of last year.

Indian consumers may make UPI payments to merchants acquired by Fonepay Network participating members, according to the statement. The integration was dubbed a “revolutionary shift” in cross-border transactions between the nationals of the two nations.

“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,” said Ritesh Shukla, chief executive of NIPL.

“I am convinced that this cross-border payment solution will greatly improve economic ties, commerce, and tourism between the two nations, eventually promoting economic prosperity and progress,” said Diwas Kumar, CEO of Fonepay.