HIGHLIGHTS:
- Nepal to become first country to deploy India’s UPI platform
- It would help modernize Nepal’s digital payment infrastructure
- Manam Infotech will install the Unified Payments Interface (UPI) in Nepal
Nepal will be the first country to adopt India’s UPI system, which will be essential in modernizing the digital economy of the neighboring country NPCI International Payments Ltd (NIPL). NPCI’s international branch, has collaborated with Manam Infotech and Gateway Payments Service to deliver the services in Nepal (GPS). Manam Infotech will install the Unified Payments Interface (UPI) in Nepal, where GPS is the approved payment system operator.
The purpose behind the collaboration
According to NPCI, the collaboration will help Nepal’s broader digital public good by bolstering interoperable real-time P2M and P2P transactions in the neighbouring country.
The residents of Nepal’s last-mile consumers would benefit from an interoperable, open payment system that facilitates real-time financial transfers between merchant payments and bank accounts as a result of this collaboration.
In the future, it will allow for real-time cross-border P2P transactions between Nepal and India. The real-time payment system of the United Payments Institute (UPI) can improve Nepal’s financial inclusion strategy while also creating economic opportunities.
It would help modernize Nepal’s digital payment infrastructure and make digital payments more convenient for citizens.
NPCI’s Background
The Ministry of Finance of the Government of India manages the Reserve Bank of India’s specialised branch, the National Payments Corporation of India, which was established in 2008. The Reserve Bank of India formed it to oversee India’s retail payment and settlement systems.
NPCI International Payments Limited
NPCI has set up a separate company to commercialize its product on a global scale. NPCI has been approached by countries in Africa, Asia, and the Middle East to help them improve their payment infrastructure. In areas including cross-border remittance, UPI implementation, and the use of indigenously manufactured technologies in digital payments, NIPL intends to work more closely with foreign partners.
