- ByStartupStory | March 8, 2024
Indians can now engage in QR-code-based UPI transactions in Nepal as per a pact between NPCI International Payments Ltd (NIPL) and Fonepay Payment Service Ltd. “We are thrilled to collaborate with Fonepay to enable UPI payments in Nepal,” expressed Mr. Ritesh Shukla, Chief Executive Officer of NIPL. The partnership, announced through a press release, aims to facilitate cross-border transactions between India and Nepal.
After being unveiled at the Global Fintech Fest 2023 in India, NIPL and Fonepay are now operational, facilitating seamless person-to-merchant (P2M) UPI transactions between the two countries. “This initiative demonstrates our commitment to innovating the digital payments landscape,” Shukla added, highlighting the significance of the partnership.
Initially, Indian consumers can make instant, secure, and convenient UPI payments at various establishments in Nepal using UPI-enabled apps. Merchants affiliated with the Fonepay Network are equipped to accept UPI payments from Indian customers. The digital connectivity strengthens the bilateral ties between India and Nepal, fostering greater convenience and efficiency in cross-border transactions.
UPI’s popularity overseas is on the rise, with recent launches in countries like France, reflecting its global acceptance. The integration of payment systems by NIPL and Fonepay marks a significant milestone in cross-border transactions between the citizens of both countries. Shukla emphasized the partnership’s role in promoting financial inclusion and economic prosperity in the region.
“We see this partnership as a catalyst for promoting greater financial inclusion and economic prosperity in the region,” Shukla remarked, underscoring the collaborative effort’s potential impact. The availability of UPI services in Nepal represents a new era of digital connectivity and convenience for Indians traveling to the neighboring country.
