ANS: NPCI International Payments Ltd (NIPL), the international arm of the National Payments Corporation of India (NPCI), has partnered with Fonepay Payment Service Ltd, Nepal’s leading payment network, to announce the availability of Unified Payment Interface (UPI) for cross-border transactions between India and Nepal.
Following a ceremonial launch at the Global Fintech Fest 2023 in India last September, both NIPL and Fonepay are now fully operational, facilitating QR-code-based person-to-merchant (P2M) UPI transactions between the two countries.
In its initial phase, this collaboration allows Indian consumers to make instant, secure, and convenient UPI payments at various business establishments in Nepal using UPI-enabled apps. Merchants within the Fonepay Network can seamlessly accept UPI payments from Indian customers.
This digital integration serves to strengthen the longstanding people-to-people ties between the neighbouring nations of India and Nepal. The partnership between NIPL and Fonepay marks a significant advancement in cross-border transactions, promising a new era of convenience and efficiency for citizens of both countries.
Ritesh Shukla, CEO of NIPL, expressed enthusiasm about the collaboration, stating, “We are delighted to partner with Fonepay to introduce UPI payments in Nepal. This initiative underscores our commitment to innovating the digital payment landscape and enhancing the bond between our nations. We see this partnership as a driver for greater financial inclusion and economic prosperity in the region.”
Diwas Kumar, CEO of Fonepay, expressed confidence in the transformative impact of this service, saying, “I am confident that this cross-border payment solution will significantly enhance economic ties, commerce, and tourism between India and Nepal, ultimately promoting economic prosperity and progress. This seamless payment solution aligns with our commitment to advancing the digital economy, and we anticipate a positive impact on both local and regional economies.”