Indians can now conduct QR-code-based UPI transactions in Nepal beginning from Friday, March 8, 2024.
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NPCI International Payments Ltd (NIPL) and Fonepay Payment Service Ltd have signed a pact for facilitating cross-border transactions between India and Nepal, announced the news through a press release.
After the announcement made at the Global Fintech Fest 2023 in India last September, both NIPL and Fonepay are fully operational, enabling seamless person-to-merchant (P2M) UPI transactions between India and Nepal.
In its initial phase, this partnership allows Indian consumers to make instant, secure, and convenient UPI payments at various business establishments in Nepal using UPI-enabled apps. Merchants affiliated with the Fonepay Network can readily accept UPI payments from Indian customers.
UPI is becoming really popular overseas and is being accepted globally given its immense success in the country. Recently, UPI service also started in France.
This digital connectivity reinforces the strong people-to-people ties between India and Nepal. The integration of payment systems by NIPL and Fonepay represents a step in cross-border transactions between the citizens of both countries, bringing in a new era of convenience and efficiency.
Mr. Ritesh Shukla, Chief Executive Officer of NIPL, expressed his excitement about the partnership.
“We are thrilled to collaborate with Fonepay to enable UPI payments in Nepal. This initiative demonstrates our commitment to innovating the digital payments landscape and strengthening the bond between the two nations.
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We see this partnership as a catalyst for promoting greater financial inclusion and economic prosperity in the region,” said Shukla.
