NPCI International Payments and Fonepay, which is Nepal’s largest payment network, have gone live for cross-border transactions between the two countries.
In its first phase, the deal enables Indians to make instant QR code-based payments across various Fonepay merchants in Nepal by using UPI-enabled Apps.
Ritesh Shukla, CEO, NPCI International Payments, says: “This initiative not only signifies our commitment to innovating the digital payments space but also reflects our dedication to creating new avenues for trade, strengthening the bond between the two nations.
“We envision this partnership as a catalyst for greater financial inclusion and economic prosperity in the region, and we are excited to embark on this journey of transformation together.”
Launched in 2016, the UPI has been central to India’s efforts to use digital payments to boost financial inclusion and has now handled well over 100 billion transactions.
The international subsidiary was set up in 2020 to push the UPI, as well as the RuPay card network, outside of India. Earlier this year, the unit also joined forces with Google Pay to accelerate this global expansion.
