Indians can pay via UPI in Nepal; here is a list of countries accepting UPI for transactions
Upstox
2 min read • Updated: March 11, 2024, 11:59 AM
Summary
Indian citizens visiting Nepal can pay through Unified Payments Interface (UPI) payments across stores in Nepal by using UPI-enabled applications.
Indians can now use the Unified Payments Interface (UPI) to make payments in Nepal. NPCI International Payments Limited (NIPL) and Nepal's largest payment network, Fonepay Payment Service, have announced that UPI is now live for cross-border transactions between India and Nepal.
Indian citizens visiting Nepal can make instant UPI payments across stores in Nepal by using UPI-enabled applications during this partnership's first phase. "Merchants acquired by the participating members of Fonepay Network can seamlessly accept UPI payments from Indian customers," the National Payments Corporation of India (NPCI) said.
The NPCI mentioned that the partnership signifies a successful association between two payment system operations and symbolises a new era of digital connection and collaboration between two friendly nations.
Speaking on the development, NIPL CEO Ritesh Shukla said, "We are elated to join hands with Fonepay to enable UPI payments in Nepal. This initiative not only signifies our commitment to innovating the digital payments space but also reflects our dedication to creating new avenues for trade, strengthening the bond between the two nations. We envision this partnership as the catalyst for greater financial inclusion, and economic prosperity in the region."
Fonepay CEO Diwas Kumar expressed that the cross-border payment solution will significantly improve the two countries' economic ties, commerce, and tourism. ALSO READ: 80% of digital payments in India come from UPI, says RBI Governor
List of countries accepting UPI
- Nepal
- Mauritius
- Sri Lanka
- UAE
- France
- Bhutan
- Singapore
What is UPI?
UPI is an instant payment system developed by the NPCI, an RBI-regulated entity. It is built over the IMPS infrastructure and allows one to transfer money between any two parties' bank accounts instantly.
The service can be used on BHIM or via third-party apps such as Amazon Pay, Google Pay, BharatPe, and PhonePe. All payments through UPI are instant and available 24/7, regardless of the bank's working hours.