India’s National Payments Corporation of India (NPCI) has joined hands with Nepal to bring the Unified Payment Interface (UPI) to the country. With this, Nepal will become the first country other than India to have to UPI system, thus, marking a moment of pride for India.
India’s UPI System Reaches Nepal
For this, NPCI’s International wing, the NPCI International Payments Limited (NIPL) has collaborated with the Gateway Payments Service Pvt Ltd in Nepal and Manam Infotech Private Limited.
The UPI method will be introduced for people to transact in real-time and even for Merchant payment transactions (P2M) in Nepal. This will further make cash transactions digital in the country and is a part of a much bigger “vision and objectives of the Nepal Government and Nepal Rastra Bank as the Central bank.” It will also create more opportunities for businesses, similar to how it did for India.
Not only this but UPI in Nepal will also make cross-border real-time money transfers between the people of Nepal and India a cakewalk.
Ritesh Shukla, CEO of NIPL, via a press release said, “We are excited about this partnership, which will enable consumers within Nepal to transact swiftly using state-of-the-art UPI platform and deliver a seamless user experience. We are confident that this initiative will stand as a testimony to NIPL’s technological capabilities and vision of scaling our unique offerings globally.“
UPI is touted as one of the most successful payments methods globally and is arguably the safest and easiest way of sending or receiving money. It has been revealed that UPI was responsible for 39 billion transactions in 2021, amounting to 31% of the total GDP of India. The Indian Government aims to expand this system to more countries.
It is revealed that the Indian Government, GPS, and Manam will work closely to introduce all the features and functionalities of UPI in Nepal, which are already available in India. What are your thoughts about this? Let us know in the comments below!