UPI Payment System Expands to Nepal: Indian tourists visiting Nepal can now make payments directly from their mobile devices, eliminating the need for currency conversion. Indeed, that is correct; UPI has commenced operations in Nepal, signifying a substantial advancement in digital cross-border transactions between the two adjacent nations.
The National Payments Corporation of India (NPCI) declared the Unified Payments Interface (UPI) operational in Nepal on Friday. The official statement stated that UPI users can make payments to Nepalese merchants by scanning QR codes.
NPCI International Payments Ltd (NIPL) and @fonepay Payment Service Ltd, have announced that UPI is now live for cross-border transactions between India and Nepal. This partnership will enable Indian consumers to make instant, secure and convenient QR code based UPI payments at… pic.twitter.com/YWjHATzxkO
— NPCI (@NPCI_NPCI) March 8, 2024
The National Payments Corporation of India International Payments (NIPL) and Fonepay, the dominant payment network in Nepal, have collaborated on this development.
Initially, Indian travelers will have the ability to utilize UPI-enabled applications to scan QR codes and conduct immediate payments to merchants throughout Nepal.
The integration is a “revolutionary shift” that strengthens the digital payment landscape and promotes cultural and commercial ties between India and Nepal, according to NIPL CEO Ritesh Shukla.
This sentiment is indeed valid, given the regular exchange of products and people between the two countries.
Nevertheless, this is not UPI’s initial venture into a foreign market. In countries such as France, Sri Lanka, Singapore, Canada, Oman, and Saudi Arabia, as well as the United Arab Emirates, astute travelers may already be utilizing UPI. The inclusion of Nepal in this elusive membership appears to be bringing the realization of the ideal digital payment experience without borders one step closer.
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Describe UPI.
The RBI-regulated NPCI developed the UPI instant payment system. It is constructed upon the IMPS infrastructure and enables instantaneous money transfers between the bank accounts of any two parties.
Utilize BHIM or third-party applications, including Amazon Pay, Google Pay, BharatPe, and PhonePe, to access the service. UPI transactions are instantaneous and accessible around the clock, i.e., irrespective of the bank’s business schedule.
List of countries accepting UPI
- Nepal
- Mauritius
- Sri Lanka
- UAE
- France
- Bhutan
- Singapore
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