UPI users can now make QR payments in Nepal

KATHMANDU: Unified Payment Interface (UPI) has now gone live for cross-border transactions between Nepal and India.

Fonepay Payment Service Ltd of Nepal and NPCI International Payments Ltd (NIPL) of India made the announcement on Friday.

“Following the unveiling event at Global Fintech Fest 2023 in India in September, both entities are now fully operational and ready to facilitate QR-code-based person-to-merchant (P2M) UPI transactions between the two countries,” the two companies said in a statement. “Fonepay merchants in Nepal can seamlessly accept UPI payments from Indian customers.”

Initially, only Indian consumers will be able to use the service in Nepal by using UPI-enabled Apps. The two companies haven’t specified any timeline on when Nepalis will be able to use similar services in India.

Commenting on the new development, Ritesh Shukla, CEO of NIPL, said NIPL was 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,” he added.

Likewise, Diwas Kumar, CEO of Fonepay, said he was confident that this cross-border payment solution would significantly improve economic ties, commerce, and tourism between the two nations. “The seamless cross-border payment solution aligns with our commitment to drive the digital economy to the greatest height, and we anticipate a positive ripple effect on both local and regional economies,” he added.