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The first country to adopt India’s UPI system will be Nepal which will be critical in modernising the neighbouring country’s digital economy.
To deliver the services in Nepal, NPCI International Payments Ltd (NIPL), NPCI’s international arm, has partnered with Manam Infotech and Gateway Payments Service (GPS). In Nepal, GPS is the authorized payment system operator, and Manam Infotech will implement the Unified Payments Interface (UPI) there.
Purpose of the collaboration
According to NPCI, the collaboration will benefit Nepal’s greater digital public good by strengthening interoperable real-time person-to-merchant (P2M) and person-to-person (P2P) transactions in the neighbouring country. This collaboration will allow the citizens of Nepal’s last-mile consumers to benefit from an interoperable, open payment system that enables real-time financial transfers between merchant payments and bank accounts.
It will open the way for real-time cross-border P2P transfers between Nepal and India in the future. UPI’s real-time payment system can help accelerate Nepal’s financial inclusion process while also expanding business opportunities.
It will aid in the modernization of Nepal’s digital payment infrastructure and provide citizens with the convenience of digital payments.
By: Brijesh Kumar ProfileResourcesReport error
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