NPCI International Payments Ltd (NIPL), the international arm of National Payments Corporation of India (NPCI) and Fonepay Payment Service Ltd, Nepal’s payment network, have announced that Unified Payment Interface (UPI) is now live for cross-border transactions between India and Nepal.
Following the unveiling event at Global Fintech Fest 2023 in India in September, both entities arenow fully operational and ready to facilitate QR-code-based person-to-merchant (P2M) UPItransactions between the two countries.
Merchants acquired by the participating members ofFonepay Network can seamlessly accept UPI payments from Indian customers.
This digital connection serves to reinforce the deep-rooted people-to-people ties between theneighbouring nations – India and Nepal.
The integration of payment systems by NIPL andFonepay marks a revolutionary shift in cross-border transactions between citizens of bothcountries, ushering in a new era of convenience and efficiency.
This milestone not only signifiesa successful partnership between two payment system operators but also symbolizes a new eraof digital connection and collaboration between the two friendly nations.
Expressing his confidence in the transformative impact of this innovative service, Chief ExecutiveOfficer of Fonepay, Diwas Kumar said, “I am confident that this cross-border paymentsolution will significantly improve economic ties, commerce, and tourism between the two nations,eventually promoting economic prosperity and progress. The seamless cross-border paymentsolution aligns with our commitment to drive digital economy to the greatest height, and weanticipate a positive ripple effect on both local and regional economies.” (India Blooms)