NPCI International Payments Ltd (NIPL), the global arm of NPCI, has formed a strategic partnership with Nepal’s largest payment network, Fonepay, to enable UPI-based cross-border transactions between India and Nepal. The UPI cross-border payment system, which was unveiled at the Global Fintech Fest 2023 in India, is now fully operational.
In the first phase of the initiative, Indian consumers can make instant, secure UPI payments at various businesses in Nepal using UPI-enabled apps. Nepalese merchants affiliated with Fonepay can seamlessly accept UPI payments from Indian customers, further integrating digital payment systems across borders. This collaboration enhances the economic and people-to-people ties between the two nations, marking a significant milestone in cross-border transactions.
Ritesh Shukla, Chief Executive Officer of NIPL, expressed excitement about the partnership, stating, “We are thrilled to collaborate with Fonepay to bring UPI payments to Nepal. This initiative highlights our commitment to innovating the digital payments ecosystem and fostering stronger trade relations between India and Nepal. We believe this partnership will drive financial inclusion and economic growth in the region.”
Fonepay’s CEO, Diwas Kumar, shared his optimism regarding the impact of the service, saying, “This cross-border payment solution will enhance economic exchanges, tourism, and commerce between India and Nepal, promoting greater prosperity. The service aligns with our vision of advancing the digital economy, and we are confident it will have a positive effect on local and regional economies.”
