Both entities are now fully operational and ready to facilitate QR-code-based person-to-merchant (P2M) UPI transactions between the two countries.
Nepal has 30% of its tourists as Indians, not taking into account religious tourists from India whose footfall can not be accounted due to free visit into religious places and free cross-border movement between two neighbours. UPI transactions will aid in the ease of travel for Indian tourists headed to Nepal as well as boost the economy of Nepal.
In its first phase, this partnership will enable Indian consumers to make instant, secure and convenient UPI payments across various business stores in Nepal by using UPI-enabled Apps. Merchants acquired by the participating members of Fonepay Network can seamlessly accept UPI payments from Indian customers. This digital connection serves to reinforce the deep-rooted people-to-people ties between the neighbouring nations – India and Nepal.
The integration of payment systems by NIPL and Fonepay marks a revolutionary shift in cross-border transactions between citizens of both countries. This milestone signifies a successful partnership between two payment system operators and a new era of digital connection and collaboration between the two friendly nations.
By – Sweta Singh (Kathmandu)
