UPI Expands Its Reach: Indians Can Now Utilize UPI in Nepal for Seamless Cross-Border Transactions
Expanding its horizons beyond national borders, the Unified Payment Interface (UPI) has now reached Nepal, marking a significant milestone in digital payment integration between India and its neighboring country. The National Payments Corporation of India (NPCI) announced the operationalization of UPI in Nepal through a collaborative effort with Fonepay Payment Service Ltd, Nepal’s largest payment network.
1. Initiative Overview:
– NPCI International Payments Ltd (NIPL) and Fonepay Payment Service Ltd initiated the collaboration to introduce UPI for cross-border transactions between India and Nepal.
– Under this initiative, UPI users can make instant and secure payments at various business outlets in Nepal, leveraging UPI-enabled apps.
2. Implementation Phases:
– The collaboration between NIPL and Fonepay was announced in September 2023, with the first phase focusing on enabling UPI payments at merchants under the Fonepay Network.
3. Strategic Significance:
– CEO of NIPL, Ritesh Shukla, emphasized the initiative’s role in innovating the digital payments space and fostering trade between the two nations. He highlighted the potential for greater financial inclusion and economic prosperity.
– Fonepay CEO, Diwas Kumar, expressed confidence in the cross-border payment solution, foreseeing enhancements in economic ties, commerce, and tourism between India and Nepal.
4. Vision and Impact:
– The partnership aims to serve as a catalyst for economic growth, promoting seamless transactions and strengthening bilateral relations.
– The expansion of UPI into Nepal signifies a broader trend of leveraging digital payment infrastructures to facilitate cross-border transactions and enhance regional economic integration.
5. Global Reach of UPI:
– Apart from Nepal, UPI services are available for Indians in various countries including Singapore, Canada, Oman, Saudi Arabia, France, and the United Arab Emirates (UAE), through collaborations between NPCI and respective companies.
6. UPI Implementation in Nepal:
Under this initiative, Indians can now utilize UPI-enabled apps to make instant and secure payments at various business outlets in Nepal. Merchants affiliated with the Fonepay Network are equipped to accept UPI payments, marking a crucial step in fostering economic ties and promoting financial inclusion in the region.
7. Key Stakeholder Insights:
CEO of NIPL, Ritesh Shukla, emphasized the significance of this collaboration, highlighting its potential to innovate the digital payments landscape and strengthen bilateral trade relations. He envisions the partnership as a catalyst for greater financial inclusion and economic prosperity in both nations.
Fonepay CEO, Diwas Kumar, expressed confidence in the transformative impact of this cross-border payment solution. He anticipates its role in enhancing economic ties, commerce, and tourism between India and , ultimately driving economic progress and prosperity in the region.
8. bGlobal Expansion of UPI:
NPCI’s efforts to expand UPI services are not confined to Nepal. Indians in various countries, including Singapore, Canada, Oman, Saudi Arabia, France, and the United Arab Emirates (UAE), can now avail themselves of UPI services. NPCI has established strategic partnerships with companies in these countries to facilitate seamless cross-border transactions for Indian users.
The introduction of UPI in not only streamlines payment processes for travelers but also fosters economic cooperation and mutual prosperity between India and . This cross-border payment solution represents a significant step towards realizing the vision of a digitally interconnected South Asian region.