UPI Crosses Borders: Indian Payments Now Accepted on FonePay in Nepal

In a groundbreaking development, NPCI International Payments Ltd (NIPL), the international arm of National Payments Corporation of India (NPCI), and Fonepay Payment Service Ltd, Nepal’s largest payment network, have announced the launch of Unified Payment Interface (UPI) for cross-border transactions between India and Nepal.

Following the unveiling event at Global Fintech Fest 2023 in India last September, both entities are now fully operational and geared up to facilitate QR-code-based person-to-merchant (P2M) UPI transactions between the two countries. This partnership marks a significant leap forward, enabling Indian consumers to make instant, secure, and convenient UPI payments across various business establishments in Nepal using UPI-enabled Apps. Merchants under the umbrella of the Fonepay Network can now seamlessly accept UPI payments from Indian customers.

This digital integration not only strengthens the deep-rooted people-to-people ties between India and Nepal but also signifies a revolutionary shift in cross-border transactions, ushering in a new era of convenience and efficiency. By bridging the payment systems of both countries, NIPL and Fonepay have paved the way for enhanced economic cooperation and smoother financial transactions between citizens of the two friendly nations.

Mr. Ritesh Shukla, Chief Executive Officer of NIPL, expressed his enthusiasm about the collaboration, stating, “We are elated to join hands with Fonepay to enable UPI payments in Nepal. This initiative reflects our commitment to innovating the digital payments space and creating new avenues for trade, thus strengthening the bond between the two nations. We envision this partnership as a catalyst for greater financial inclusion and economic prosperity in the region.”

Echoing Mr. Shukla’s sentiments, Mr. Diwas Kumar, Chief Executive Officer of Fonepay, expressed confidence in the transformative impact of this service, saying, “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.”

This collaboration between NIPL and Fonepay represents a convergence of technological innovation and financial prowess, poised to revolutionize cross-border transactions and drive economic growth in both India and Nepal.

About NIPL:

NPCI International Payments Limited (NIPL) is the international arm of National Payments Corporation of India (NPCI), dedicated to deploying NPCI’s successful Real-Time Payment System – Unified Payments Interface (UPI) and Card Scheme – RuPay, outside of India. NIPL focuses on transforming payments across the globe through technology and innovation, aiming to uplift other countries’ payment capabilities.

About Fonepay:

Fonepay is Nepal’s largest Payment System Operator, facilitating inter-bank person-to-person (P2P) and person-to-merchant (P2M) transactions through its interoperable network and mobile platforms. Regulated by Nepal Rastra Bank (NRB), Fonepay is committed to contributing towards a cashless economy by providing fast, secure, and reliable digital payment services to customers and businesses alike, using technology to achieve greater efficiency and widen the reach of payment systems.

This collaboration between NIPL and Fonepay marks a significant milestone in the realm of cross-border transactions, heralding a new era of seamless and efficient payment solutions between India and Nepal.