India’s NPCI International Payments Limited (NIPL), a wholly-owned subsidiary of the National Payments Corporation of India (NPCI), has announced crossing the landmark 100,000-mark in cross-border Unified Payments Interface (UPI) person-to-merchant (P2M) transactions in Nepal. The surge indicates growing popularity for UPI connectivity and collaboration between the two countries, NPCI said in a statement.
NIPL collaborated with Fonepay, Nepal’s largest payment network, to launch cross-border P2M UPI acceptance in March 2024. UPI is India’s popular mobile-based real-time payment system, enabling instant personal and merchant payments. The introduction of UPI has simplified payments for Indians traveling to Nepal.
Travelers from Nepal to India can also experience UPI payments using UPI One World. Visitors can use the UPI One World app to make payments at merchant locations by simply scanning the QR codes, making it easier to explore India’s culture, cuisine, and other experiences.
“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,” an NPCI International spokesperson said.
“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 the countries.”
Launched in 2016, UPI has expanded to the United Arab Emirates, Peru, Mauritius, Sri Lanka, Singapore, France, Bhutan, and Nepal. In June 2024, UPI processed close to 14 billion transactions valued at Rs 20.07 trillion ($240 billion).
NIPL has also collaborated with Nepal SBI Bank Limited (NSBL) to operationalize RuPay cards in Nepal. RuPay is a global card payment network from India that is widely accepted at ATMs, point-of-sale devices, and e-commerce websites.
UPI’s Maldives moment
The National Payments Corporation of India and the Ministry of Economic Development and Trade of Maldives have signed a memorandum of understanding (MoU) for the introduction of UPI digital payment system in the Maldives.
India’s External Affairs Minister, S. Jaishankar, said in a post on X that he held productive discussions with Minister of Foreign Affairs of Maldives, Moosa Zameer. The discussion agenda covered engagement in development partnership, capacity building, bilateral and regional security, trade and digital cooperation.
“I wish the very best to stakeholders on both sides and hope that we will soon see the first UPI transaction here [in Maldives]. I should mention that it will have a very positive impact on tourism,” Jaishankar said.
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Source: https://coingeek.com/india-upi-surpasses-100000-cross-border-transactions-in-nepal-expands-to-maldives/