Unified Payment Interface (UPI), the backbone of digital transactions in India, is spreading its wings globally.
Following its success in countries like Sri Lanka, France, and Maldives, UPI has now ventured into Nepal.
This move allows Indian users to conveniently make QR-code based payments through their UPI-enabled smartphones while visiting Nepal.
Facilitating Cross-Border Transactions
An agreement between NPCI International Payments Limited (NIPL) and Fonepay Payment Service, Nepal’s largest payment network, has paved the way for UPI payments in the neighboring country.
This collaboration marks a significant step towards facilitating seamless cross-border transactions between India and Nepal.
UPI Boosts Tourism and Economic Ties
With UPI now operational in Nepal, Indian users can utilize popular UPI-based apps like Paytm, PhonePe, and Google Pay to make online purchases at various merchants in Nepal.
NIPL’s CEO, Ritesh Shukla, anticipates revolutionary changes in digital payments, strengthening economic ties, and fostering tourism between the two nations.
This initiative is expected to drive economic prosperity and progress in both countries.
UPI Goes Global: Service Available in Multiple Countries
Beyond Nepal, UPI services have expanded to several countries worldwide, including Singapore, Canada, Oman, Saudi Arabia, and the United Arab Emirates (UAE).
This global expansion underscores UPI’s versatility and reliability as a preferred mode of digital payment across borders.
How UPI Works Abroad
For users traveling abroad, UPI remains functional by selecting the UPI International option and activating international transactions through their respective banks.
While banks may levy foreign exchange charges, individuals living abroad can seamlessly conduct online payments through UPI.
NPCI collaborates with local companies in foreign countries, such as Singapore’s PayNow, to facilitate secure and convenient UPI transactions, ensuring a hassle-free experience for users worldwide.
