back Back

NIPL and Manam Infotech partner to deploy UPI solution in Nepal

By Leandra Monteiro

February 18, 2022

  • Digital Economy
  • Digital Payments
  • Domestic Payments
Share

NIPLNPCI International Payments Limited (NIPL), the International arm of National Payments Corporation of India has joined hands with Gateway Payments Service Pvt Ltd, authorised Payment System Operators in Nepal, and Manam Infotech Private Limited to deploy Unified Payments Interface(UPI) in Nepal for the larger Digital Public Good and to bolster interoperable real-time Person to person (P2P) and Merchant payment transactions (P2M) in Nepal.

Nepal shall be the first country outside of India to adopt UPI as the payments platform driving the digitalisation of cash transactions and furthering the vision and objectives of the Nepal Government and Nepal Rastra Bank as the Central bank.

This collaboration will enable the last-mile consumers in Nepal to reap the benefits of an open interoperable payments system driving immediate payment transfers between bank accounts and merchant payments in real-time. It will also enable the way forward for real-time cross-border P2P remittances between Nepal and India.

UPI is amongst the most successful real-time payments (RTP) systems globally, providing – simplicity, safety, and security in person to person (P2P) and person to merchant (P2M) transactions in India. In 2021, UPI enabled 39 Billion financial transactions amounting to commerce worth USD 940 Billion, which is equivalent to approximately 31% of India’s GDP. UPI’s real-time payment infrastructure will help catalyze the process of financial inclusion in Nepal and will also create more opportunities for businesses. It will help modernise Nepal’s digital payment infrastructure and bring the convenience of digital payments to citizens of Nepal.

Rajesh Prasad Manandhar, CEO of GPS said, “The same UPI service has created a significant positive impact in India in terms of the country’s digital payment transformation. 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.”

Ritesh Shukla, CEO of NIPL said, “We are delighted to join hands with GPS and Manam Infotech to facilitate the deployment of NPCI’s flagship Unified Payments Interface in Nepal. At NIPL, we are committed to transforming payments by taking our robust payments solutions to global markets and collaborating with local payment system operators. We are excited about this partnership, which will enable consumers within Nepal transact swiftly using state-of-the-art UPI platform and deliver a seamless user experience. We are confident that this initiative will stand as a testimony to NIPL’s technological capabilities and vision of scaling our unique offerings globally.”

Naga Babu Ramineni, Director of Manam said, “Manam has always been part of major digital transformation across the various regions of the world, we believe this partnership will eliminate all the barriers of payment transformation within Nepal and across the border thereby transforming the regional economy.”

Nepal has a population of 30 million with around 45% banked. Mobile penetration of over 135% with 65% of the population using smartphones provides a bedrock for seamless replication of the digital revolution in India to be replicated in Nepal. Over the next few months, all three companies will work closely together to deploy Unified Payments Interface in Nepal along with all the functionalities and features presently available in India.

Previous Article

February 18, 2022

VTB and PSB successfully test the transfer of digital rubles

Read More
Next Article

February 18, 2022

CanDeal and IHS Markit partner to set new industry standard

Read More






IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

December 05, 2024

dLocal, Spreedly partner to boost payment access in APAC & Africa

Read More

December 05, 2024

BharatPe UPI launches ‘Shield’ to safeguard digital transactions

Read More

December 05, 2024

Fonepay launches Nepal’s first virtual credit card with Compass Plus Technologies

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q3 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More