The Unified Payment Interface (UPI) has been successfully launched for cross-border transactions between Nepal and India, as announced by Fonepay Payment Service Ltd of Nepal and NPCI International Payments Ltd (NIPL) of India on Friday.
After the official unveiling at the Global Fintech Fest 2023 in India in September, both entities are now fully operational, geared to facilitate QR-code-based person-to-merchant (P2M) UPI transactions between the two countries. The joint statement from the two companies highlighted that Fonepay merchants in Nepal can seamlessly accept UPI payments from Indian customers.
Initially, only Indian consumers will have access to the service in Nepal through UPI-enabled apps. The timeline for when Nepalis will gain similar access in India has not been specified by the two companies.
Ritesh Shukla, CEO of NIPL, expressed his enthusiasm about the collaboration with Fonepay, emphasizing that the initiative underscores their commitment to innovating the digital payments space and creating new avenues for trade, thereby strengthening the bond between the two nations.
Diwas Kumar, CEO of Fonepay, shared his confidence that this cross-border payment solution will significantly enhance economic ties, commerce, and tourism between Nepal and India. He emphasized that the seamless cross-border payment solution aligns with their commitment to propelling the digital economy to new heights, anticipating a positive ripple effect on both local and regional economies.
