NPCI International Payments Ltd (NIPL), the international arm of National Payments Corporation of India (NPCI) and Fonepay Payment Service, Nepal’s largest payment network, have announced that Unified Payment Interface (UPI) is now live for cross-border transactions between India and Nepal.
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Following the event at Global Fintech Fest 2023 in India in September, both entities are now fully operational and ready to facilitate QR-code-based person-to-merchant (P2M) UPI transactions between the two countries, NIPL said.
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 accept UPI payments from Indian customers.
Speaking on the development, Ritesh Shukla, Chief Executive Officer of NIPL, said “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.”
Expressing his confidence in the transformative impact of this innovative service, Chief Executive Officer of Fonepay, Diwas Kumar said, “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."
First Published: Mar 8, 2024 2:47 PM IST
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