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News

Fonepay and NIPL launch cross-border QR code-based payment solution

Monday 11 September 2023 12:10 CET | News

Fonepay Payment Service and NPCI International Payments (NIPL) have launched a QR code-based payment solution between Nepal and India.  

This collaboration between the two companies aims to empower citizens of both Nepal and India, to securely make instant payments through QR codes across various stores by using the mobile app certified by Fonepay and NPCI.

As per the press release, both companies have now completed operational preparations and technological integration is in the final process. Following this, the companies will be able to offer the service to their issuing and acquiring members as well as enable their consumers and merchants to utilise the service. This partnership between Fonepay and NPCI is intended to provide an uplift to the digital payments ecosystem and a wider reach to the international market.

The two companies have stated that this partnership is a step towards enhancing financial connectivity between Nepal and India by leveraging technology for the benefit of their citizens. Moreover, under this collaboration, UPI-powered apps will be enabled for simplified cross-border merchant payments to enhance the way people transact. 

Fonepay Payment Service and NPCI International Payments (NIPL) have launched a QR code-based payment solution between Nepal and India.

About Fonepay 

Based in Nepal, Fonepay is a payment system operator facilitating inter-bank person-to-person (P2P) and person-to-merchant (P2M) transactions through its network and mobile platforms. Fonepay is regulated by Nepal Rastra Bank (NRB) and aims to contribute towards a cashless economy by enabling fast, secure, and reliable digital payment services to customers as well as businesses through partner banks and wallets.  

About NIPL 

NIPL, an international arm of NPCI is devoted to deploying NPCI’s indigenous, real-time payment system – Unified Payments Interface (UPI) and card scheme – RuPay, outside of India. NIPL can offer several countries to establish a ‘real-time payment system’ or ‘domestic card scheme’ in their own country with technological assistance through licencing, and consulting for building a real-time payment system. The company is focused on reshaping payments across the globe with the use of technology and innovation. 

In April 2023, digital payments infrastructure provider, PPRO, partnered with NIPL to offer global partners access to UPI for cross-border transactions. By enabling access to UPI, the partnership aims to remove complexity and increase efficiency for international PSPs and merchants looking to sell cross-border into India at scale.  

Source: Link


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Keywords: partnership, cross-border payments, UPI, digital payments, payment methods
Categories: Payments & Commerce
Companies: Fonepay Payment Service, NPCI
Countries: India, Nepal
This article is part of category

Payments & Commerce

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Fonepay Payment Service

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