MUMBAI: The National Payments Corporation of India‘s global arm NPCI International Payments (NIPL) will help enable the Unified Payments Interface ,UPI) platform in Nepal. NIPL has partnered Gateway Payments Service ,GPS), an authorized payment system operator in Nepal, and Bengaluru-based Manam Infotech.
UPI will be deployed in Nepal as a digital public benefit to bolster interoperable real-time person-to-person (P2P) and to-merchant (P2M) payment transactions. Nepal will be the first country outside of India to adopt UPI as a payments platform. Besides enabling an open interoperable system for real-time payments and enabling financial inclusion, it will lay the foundation for real-time cross-border P2P remittances between Nepal and India.
In 2021, UPI enabled 39 billion financial transactions amounting to commerce worth $940 billion, which is equivalent to approximately 31% of India’s GDP. Nepal has a population of around three crore with about 45% banked, a mobile penetration of over 135% with 65% of the population using smartphones .“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,” said GPS CEO Rajesh Prasad Manandhar,
NIPL CEO Ritesh Shukla said that the company is looking to collaborate with overseas partners in the areas of UPI-like deployment, cross-border remittance, acceptance, and using indigenously developed technologies in digital payments. “We are confident that this initiative will stand as a testimony to NIPL’s technological capabilities and vision of scaling our unique offerings globally,” said Shukla.
UPI will be deployed in Nepal as a digital public benefit to bolster interoperable real-time person-to-person (P2P) and to-merchant (P2M) payment transactions. Nepal will be the first country outside of India to adopt UPI as a payments platform. Besides enabling an open interoperable system for real-time payments and enabling financial inclusion, it will lay the foundation for real-time cross-border P2P remittances between Nepal and India.
In 2021, UPI enabled 39 billion financial transactions amounting to commerce worth $940 billion, which is equivalent to approximately 31% of India’s GDP. Nepal has a population of around three crore with about 45% banked, a mobile penetration of over 135% with 65% of the population using smartphones .“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,” said GPS CEO Rajesh Prasad Manandhar,
NIPL CEO Ritesh Shukla said that the company is looking to collaborate with overseas partners in the areas of UPI-like deployment, cross-border remittance, acceptance, and using indigenously developed technologies in digital payments. “We are confident that this initiative will stand as a testimony to NIPL’s technological capabilities and vision of scaling our unique offerings globally,” said Shukla.
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