India’s UPI is coming to Nepal

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By David Brooks

India’s ambitions to spread its unified payment interface globally has taken a step forward thanks to a tie-up with Nepal’s Fonepay.

NPCI International Payments and Fonepay, Nepal’s largest payment network, have gone live for cross-border transactions between the two countries.

In the first phase, the deal will enable Indians to make instant QR code-based payments at various Fonepay merchants in Nepal using UPI-enabled apps.

Ritesh Shukla, CEO, NPCI International Payments, said: “This initiative not only demonstrates our commitment to innovate in the digital payments space, but also reflects our commitment to creating new avenues for trade and strengthening the bond between the two nations .”

“We see this partnership as a catalyst for greater financial inclusion and economic prosperity in the region and are excited to embark on this transformation journey together.”

Launched in 2016, UPI has been central to India’s efforts to use digital payments to promote financial inclusion and has now processed well over 100 billion transactions.

The international subsidiary was founded in 2020 to promote the UPI as well as the RuPay card network outside India. Earlier this year, the unit also partnered with Google Pay to accelerate this global expansion.

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