Nepal Will Be First Foreign Country To Embrace India's UPI Payment Interface
UPI is considered a hallmark of person-to-person (P2P) and person-to-merchant (P2M) transactions. Over the next three months, NIPL, GPS, and Manam will work together to deploy UPI in Nepal
Nepal is set to become the first foreign country to deploy India UPI's platform. The National Payments Corporation of India (NPCI) on Thursday said that this move will transform the digital economy of Nepal.
To provide UPI services in Nepal, NPCI International Payments Ltd (NIPL) - the NPCI's international arm is collaborating with Gateway Payments Service (GPS) and Manam Infotech.
"Nepal shall be the first country outside of India to adopt UPI as the payments platform driving the digitalization of cash transactions and furthering the vision and objectives of the Nepal Government and Nepal Rastra Bank as the Central bank," NCPI said in a statement.
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UPI - India's gift to the world
Unified Payments Interface (UPI) links a user's bank account to a single ID that may be used to make payments across the web with a passcode. Owing to its direct link to bank accounts, it eliminates the need for remembering or adding details of one's debit cards.
UPI
One can choose between a 4 or 6 digit pin while setting up UPI. The interface is largely credited for driving India's cashless economy. In 2021, UPI enabled 3,900 crore financial transactions in India - valued at $940 billion - roughly 31% of India's GDP.
Also read: UPI In Villages To New E-Commerce: WhatsApp¡¯s Future In India For 2022 And Beyond
"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," Rajesh Prasad Manandhar, CEO of GPS told news agency PTI.
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UPI is considered a hallmark of person-to-person (P2P) and person-to-merchant (P2M) transactions. Over the next three months, NIPL, GPS, and Manam will work together to deploy UPI in Nepal - borrowing from the features and functionalities of what the service provides in India.
Also read: WhatsApp Could Soon Offer Cashback On UPI Payments Made Using The App
What do you think about Nepal's adoption of UPI? Let us know in the comments below. For more in the world of technology and science, keep reading Indiatimes.com.
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