The Unified Payment Interface (UPI) has gone online in neighboring Nepal, according to a Friday announcement from the NPCI. According to a statement from UPI, consumers can pay Nepalese retailers by scanning QR codes.
This comes after the largest payment network in Nepal, Fonepay Payment Service, and the National Payments Corporation of India International Payments (NIPL) partnered in September of last year.
As per the announcement, the partnership's initial phase would allow Indian customers to use UPI-enabled apps to quickly, securely, and conveniently make UPI payments across a variety of commercial stores in Nepal.
Indian consumers can make UPI payments to merchants acquired by Fonepay Network participating members, according to the statement.
A "revolutionary shift" in cross-border transactions between citizens of both countries was attributed to the integration.
"This program demonstrates our commitment to breaking new ground in the digital payments industry and to opening up new trade channels that will deepen ties between the two countries," NIPL's chief executive Ritesh Shukla said.
"I'm sure that this cross-border payment method will greatly strengthen the two countries' trade, tourism, and economic relations, ultimately fostering economic growth and advancement," said Fonepay's Chief Executive Officer Diwas Kumar.
