India’s UPI goes international! Nepal to soon get UPI payment option

India’s own UPI payment technology is often applauded all over the world for its ease of use and practicality. This new payment technology is now moving out of Indian boundaries. The NPCI International Payments Limited (NIPL), the International arm of NPCI has joined hands with Gateway Payments Service Pvt Ltd, authorized Payment System Operators in Nepal, and Manam Infotech Private Limited to deploy Unified Payments Interface(UPI) in Nepal. With the introduction of this new payment tech, our neighbours in Nepal can conduct Person to person (P2P) and Merchant payment transactions (P2M).

Nepal has become the first country outside of India to adopt UPI as the payments platform. The new partnership between the entities across borders is aimed at enabling last-mile consumers in Nepal. With the help of UPI, citizens of Nepal will be able to make payment transfers between bank accounts and merchant payments in real-time. This is also a step towards enabling cross-border payment options for both Indians and Nepalese citizens.

UPI Performance in India

According to a statement released by NPCI, in 2021, UPI managed to conduct 39 billion financial transactions in India. The total commerce conducted using the payment option climbed up to $940 billion. which is equivalent to approximately 31% of India’s GDP.

All three companies claim that they will work closely together to deploy Unified Payments Interface in Nepal in the next few weeks. All the functionalities and features presently available in India are expected to be rolled out in Nepal.

Rajesh Prasad Manandhar, CEO of GPS said, “The same UPI service has created a significant positive impact in India in terms of the country’s digital payment transformation. We expect UPI in Nepal would play a pivotal role in transforming the digital economy of the country and dreams of building a less-cash society.”

Ritesh Shukla, CEO of NIPL said, “We are delighted to join hands with GPS and Manam Infotech to facilitate the deployment of NPCI’s flagship Unified Payments Interface in Nepal. At NIPL, we are committed to transforming payments by taking our robust payments solutions to global markets and collaborating with local payment system operators. We are excited about this partnership, which will enable consumers within Nepal transact swiftly using state-of-the-art UPI platform and deliver a seamless user experience. We are confident that this initiative will stand as a testimony to NIPL’s technological capabilities and vision of scaling our unique offerings globally.”

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