The National Payments Corporation of India (NPCI) announced on Thursday that Nepal will be adopting India’s UPI platform to go cashless and transform its traditional methods to a more digitized structure.
These services will be a collective responsibility and distributed among 3 entities namely, NPCI International Payments Ltd (NIPL), Gateway Payment Service (GPS) and Manam Infotech. NIPL is the overseas vertical of NPCI.
Although GPS is the assigned payment platform in Nepal, the Unified Payments Interface will be delivered by Manam infotech in Nepal.
NPCI in its official statement said that this partnership will serve the greater good and support ease of doing business in Nepal. It will act as a catalyst to boost person-2-person, person-2-merchant transactions.
NPCI also further stated that Nepal will be the 1st country to have adopted India’s UPI intersection for boosting its digitalization and going cashless. Taking Nepal government’s vision and objectives ahead securing Nepal Rashtra Bank as the Central Bank. With the onset of this association, Nepal’s last-mile consumers will have tremendous support to pay and transfer to inter-bank accounts and execute merchant payments.
Not only this Nepal consumers could also make cross-border remittances between India and Nepal; including person-2-person transactions.
The CEO of GPS, Rajesh Prasad stated that the UPI service has put India on a significant spot of transforming cash transactions into digital wallets and garnering ease of doing business. Last year alone UPI authorized some 3,899 crore transactions valuing USD 940 billion, which amounts to 31% of India’s GDP.
