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UPI goes global with Nepal as its first integrated country

Friday 18 February 2022 15:23 CET | News

The National Payments Corporation of India (NPCI) has announced that Nepal has become the first country outside India to adopt UPI.

The new company created as part of NPCI, NIPL partnered with Gateway Payments Service (GPS) to provide financial services in Nepal, while fintech Manam Infotech will be the one to deploy UPI in the country. 

The partnership will boost Nepal’s digitisation programme and will enhance the interoperable real-time transactions in P2P and P2M sectors. At the same time, the cooperation will enable real-time cross-border P2P remittances between India and Nepal, eliminating tariff barriers and expensive fees through bank wires.

With only 45% of its population banked, Nepal hopes that UPI integration will determine more merchants to create ecommerce platforms to sell their products and boost digital transactions. In India, UPI has enabled over 39 billion financial transactions throughout 2021, counting for around USD 950 billion or 31% of the country’s GDP, proving the customers’ increasing choice for adopting LPMs (Local Payment Methods) and transition towards a cashless society. 

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Keywords: expansion, UPI, NPCI, cross-border payments, cross-border ecommerce, online payments, digital payments, digitalisation, P2P, P2P payments
Categories: Payments & Commerce
Companies:
Countries: Nepal
This article is part of category

Payments & Commerce