Nepal would be the first country outside of India to use India UPI’s platform. According to the National Payments Corporation of India (NPCI), this step will change Nepal’s digital economy.
NPCI International Payments Ltd (NIPL), the NPCI’s international branch, is cooperating with Gateway Payments Service (GPS) and Manam Infotech to deliver UPI services in Nepal.
“Nepal will be the first country outside of India to embrace UPI as a payments platform, accelerating cash transaction digitization and supporting the vision and objectives of the Nepal Government and the Nepal Rastra Bank as the Central Bank,” NCPI said in a statement.
UPI – India’s gift to the world
The Unified Payments Interface (UPI) connects a user’s bank account to a single ID that may be used to make web payments with a password. Because of its direct connection to bank accounts, it eliminates the need to remember or enter the details of one’s debit cards.
When configuring UPI, one can select a 4-digit or 6-digit pin. The interface is significantly responsible for India’s paperless economy. In 2021, UPI will have facilitated 3,900 crore financial transactions in India, worth $940 billion, or nearly 31% of India’s GDP.
“We expect UPI in Nepal to play a crucial role in altering the country’s digital economy and goals of developing a less-cash society,” GPS CEO Rajesh Prasad Manandhar told news agency PTI.
UPI is widely recognized as a distinguishing feature of person-to-person (P2P) and person-to-merchant (P2M) transactions. Over the next three months, NIPL, GPS, and Manam will collaborate to launch UPI in Nepal, drawing on the features and functions of the service now available in India.