Kolkata, Feb 17 (FN Agency) NPCI International Payments Limited (NIPL), the International arm of National Payments Corporation of India, has joined hands with Gateway Payments Service Pvt Ltd, authorized Payment System Operators in Nepal, and Manam Infotech Private Limited to deploy Unified Payments Interface(UPI) in Nepal.
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, a media statement said here on Thursday. 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’s real-time payment infrastructure will help catalyse the process of financial inclusion in Nepal and will also create more opportunities for businesses.
It will help modernize 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.”