In a groundbreaking development for cross-border digital payments, Nepal has surpassed 100,000 person-to-merchant (P2M) UPI transactions within just six months of the launch of its cross-border UPI service. This significant achievement follows the March partnership between NPCI Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), and Nepalese payments network FonePay. The collaboration facilitates QR-code-based UPI payments between India and Nepal, allowing Indian users to make instant payments across various stores in Nepal using UPI-enabled applications.

The integration with FonePay means that merchants in Nepal who are part of this network can now accept UPI payments from Indian customers, enhancing convenience and boosting economic interactions between the two countries. An NPCI International spokesperson highlighted the importance of this initiative, noting that Indians constitute the largest group of visitors to Nepal. The spokesperson expressed optimism for continued growth in UPI transactions and anticipated that this development would significantly benefit the economies of both nations.

In addition to the UPI transactions, NIPL has also partnered with Nepal SBI Bank Limited (NSBL) to enable the use of RuPay cards in Nepal. This collaboration further extends the range of payment options available to travelers and consumers. Additionally, the UPI One World product by NPCI allows travelers from Nepal to make payments at various merchant locations, including stores, travel bookings, online shopping, groceries, entertainment, hotels, restaurants, and transportation, without incurring transaction or onboarding fees.

This move is part of a broader effort by NIPL to expand UPI's international footprint. UPI is already accepted in countries like Bhutan, France, Mauritius, Singapore, Sri Lanka, and the United Arab Emirates. Recent developments include an agreement with Peru’s central bank to develop a UPI-like payment system and a partnership with the Bank of Namibia to establish a similar instant payment system in Namibia.

This initiative not only simplifies transactions for Indian travelers but also strengthens economic ties and promotes financial inclusion across borders, setting a precedent for future international collaborations in digital payments.

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