NPCI and Fonepay partner to bring UPI payments to Nepal

By Gloria Methri

NPCI International Payments Ltd (NIPL), the global arm of NPCI, has partnered with Nepal’s largest payment network, Fonepay, to enable UPI for cross-border transactions between India and Nepal.

Following its unveiling at Global Fintech Fest 2023 in India, the UPI cross-border payment system between India and Nepal is now fully operational. In the first phase, Indian consumers can make instant, secure, and seamless UPI payments at various business stores in Nepal using UPI-enabled apps.

Nepalese merchants acquired through Fonepay’s network can now effortlessly accept UPI payments from Indian customers. This digital integration strengthens economic and people-to-people ties between the two nations, marking a significant milestone in cross-border transactions. The collaboration between NIPL and Fonepay paves the way for a more connected and efficient digital payments ecosystem.

Speaking on the development, Ritesh Shukla, Chief Executive Officer of NIPL, 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 a catalyst for greater financial inclusion and economic prosperity in the region, and we are excited to embark on this journey of transformation together.”

Expressing his confidence in the transformative impact of this innovative service, the Chief Executive Officer of Fonepay, Diwas Kumar, said, “I am confident that this cross-border payment solution will significantly improve economic ties, commerce, and tourism between the two nations, eventually promoting economic prosperity and progress. 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.”