Indians can now conduct QR-code-based UPI transactions in Nepal starting from March 8, following collaboration between NPCI International Payments Ltd (NIPL) and Fonepay Payment Service Ltd, as announced in a press release.
This partnership, initiated after the announcement at the Global Fintech Fest 2023 in India, allows for seamless person-to-merchant (P2M) UPI transactions between India and Nepal. Both NIPL and Fonepay are now fully operational, enabling instant, secure, and convenient UPI payments at various business establishments in Nepal using UPI-enabled apps.
In its initial phase, Indian consumers can make UPI payments to merchants affiliated with the Fonepay Network. The acceptance of UPI payments in Nepal underscores the global recognition of UPI's success, with recent expansion into France.
This digital connectivity strengthens the close ties between India and Nepal, fostering greater efficiency and convenience in cross-border transactions. Mr. Ritesh Shukla, CEO of NIPL, expressed enthusiasm for the partnership, emphasizing its potential to enhance financial inclusion and economic prosperity in the region."
