Now UPI will work in Nepal also, Indian users will be able to do online transactions with any merchant.
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Mumbai: NPCI International Payments Limited (NIPL), the international arm of National Payments Corporation of India (NPCI) and PhonePe Payment Service Limited, Nepal’s largest payments network, have announced that QR Codes from cross border Unified Payment Interface (UPI) between India and Nepal. Payment through has started. Following the unveiling event at the 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.
In its first phase, this partnership will enable Indian consumers to make quick, secure and convenient UPI payments at various merchant stores in Nepal using UPI-enabled apps. Merchants acquired by participating members of the PhonePe network can seamlessly accept UPI payments from Indian customers. This digital connection serves to strengthen the deep people-to-people ties between the neighboring countries – India and Nepal. The integration of payment systems by NIPL and PhonePe marks a paradigm shift in cross-border transactions between citizens of the two countries, ushering in a new era of convenience and efficiency.
This milestone not only marks a successful partnership between the two payment system operators but also marks a new era of digital connection and cooperation between the two friendly countries. Ritesh Shukla, CEO, NIPL, said, “We are excited to join hands with PhonePe to enable UPI payments in Nepal. This initiative not only reflects our commitment to innovate in the digital payments sector, but also reflects our dedication towards creating new avenues for trade, strengthening relations between the two countries.
“We see this partnership as a catalyst for broader financial inclusion and economic prosperity in the region, and we are excited to embark on this journey of transformation together.” Diwas Kumar, CEO, PhonePe, said, “I am confident that this cross-border payments solution will significantly improve economic relations, commerce and tourism between the two countries. Ultimately will lead to economic prosperity and progress. “The seamless cross-border payments solution is in line with our commitment to take the digital economy to its next heights, and we look forward to the positive impact it will have on both the local and regional economies.”
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