NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), has achieved a significant milestone by surpassing 1,00,000 cross-border Unified Payments Interface (UPI) Person-to-Merchant (P2M) transactions in Nepal. This achievement marks a new era of digital payment connectivity and collaboration between India and Nepal.
The journey to this milestone began in March 2024, when NIPL partnered with Fonepay, Nepal’s largest payment network, to introduce cross-border UPI P2M acceptance. UPI, a popular mobile-based real-time payment system in India, allows for instant personal and merchant payments.
The introduction of UPI in Nepal has greatly simplified the payment process for Indians traveling to the neighboring country. Conversely, Nepali travelers visiting India can now use UPI through the UPI One World app, making payments by simply scanning QR codes at merchant locations. This seamless payment experience allows visitors to explore India’s diverse culture and cuisine without the hassle of carrying cash.
A spokesperson from NPCI International expressed satisfaction with the positive reception of UPI in Nepal, stating, “We are happy with the positive feedback received since the introduction of UPI merchant acceptance in Nepal. This milestone is a testament to our commitment to simplifying cross-border transactions between the two nations and enabling new avenues for trade and commerce. Given that Indians constitute the largest number of visitors to Nepal, we expect continued growth in UPI transactions. Furthermore, we believe this initiative will contribute significantly to the economic development of both countries.”
UPI is currently accepted in several other countries, including Bhutan, France, Mauritius, Singapore, Sri Lanka, and the UAE, making it one of the largest real-time payments platforms globally. A recent ACI Worldwide report highlighted that 49% of the world’s real-time payments in 2023 were made in India, underscoring the platform’s global influence.
In addition to UPI, NIPL has also collaborated with Nepal SBI Bank Limited (NSBL) to operationalize RuPay cards in Nepal. RuPay, a global card payment network from India, is widely accepted at ATMs, POS devices, and e-commerce websites, further strengthening the financial ties between the two countries.
