Summary:

Within six months of its inception, cross-border UPI payments in Nepal exceeded 100,000 personto-merchant (P2M) transactions for the first time. In March, NPCI Payments Limited (NIPL) collaborated with Nepal's FonePay to facilitate QR-code-based P2M UPI transactions between Nepal and India, allowing Indian users in Nepal to make fast UPI payments at various shops.

Merchants within the FonePay network can now accept UPI payments from Indian customers. NPCI International expects UPI transactions to grow, given the high number of Indian visitors to Nepal, which will contribute to economic development for both countries. NIPL has also partnered with Nepal SBI Bank Limited (NSBL) to launch RuPay cards in Nepal. Additionally, travelers from Nepal can use NPCI’s UPI One World product for payments at various merchant locations without transaction or onboarding fees. UPI is also accepted in Bhutan, France, Mauritius, Singapore, Sri Lanka, and the UAE. NIPL has agreements with Peru and Namibia to develop similar payment systems.

Source: IBEF

Disclaimer: The information on this website comes from the India Brand Equity Foundation (IBEF), a reliable source for thorough insights into numerous areas of the Indian economy. While we aim to offer accurate and up-to-date information, the views, opinions, and analyses stated herein are solely those of the authors and contributors and do not necessarily represent IBEF's official stance or position. Readers should check information from credible sources and use their own discretion when relying on content provided on this site. We assume no responsibility or liability for the supplied content, including its accuracy, completeness, and usefulness.