KATHMANDU: In a recent development, Indians visiting Nepal can now seamlessly make QR payments using India’s UPI (Unified Payment Interface) through Nepal’s FonePay.
The collaboration between NIPL, an international payment service company under India’s Payments Corporation of India (UPI), and Nepal’s FonePay Payment Service Limited has initiated cross-border transactions, utilizing the UPI on Friday.
This cross-border payment initiative stems from an agreement signed last September in Mumbai, India, in the presence of Nepal Rastra Bank Governor Maha Prasad Adhikari.
NIPL and FonePay committed to enhancing cooperation in cross-border payments through UPI.
In line with the agreement, the two companies have introduced Person-to-Merchant (PTM) payments based on QR codes for Indian tourists and visitors in Nepal.
This revolutionary move allows Indian UPI users to make payments effortlessly by scanning QR codes at shops, hotels, restaurants, and other businesses in Nepal.
A joint statement from both companies emphasized that this development marks a revolutionary change in cross-border business between the two countries.
Ritesh Shukla, the Chief Executive Officer of NIPL, expressed confidence that this collaborative effort with FonePay in Nepal would elevate trade and relations between India and Nepal to unprecedented heights.
Diwas Kumar, Chief Executive Officer of FonePay, highlighted the potential significant boost in economic relations, trade, and tourism between the two countries due to this cross-border business initiative.
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