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 for the larger Digital Public Good and to bolster interoperable real-time Person to person (P2P) and Merchant payment transactions (P2M) 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.
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.
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.”
Naga Babu Ramineni, Director of Manam said, “Manam has always been part of major digital transformation across the various regions of the world, we believe this partnership will eliminate all the barriers of payment transformation within Nepal and across the border thereby transforming the regional economy.”
Nepal has a population of ~ 30 million with around 45% banked. Mobile penetration of over 135% with 65% of the population using smartphones provides a bedrock for seamless replication of the digital revolution in India to be replicated in Nepal. Over the next few months, all three companies will work closely together to deploy Unified Payments Interface in Nepal along with all the functionalities and features presently available in India.
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/
, 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 for the larger Digital Public Good and to bolster interoperable real-time Person to person (P2P) and Merchant payment transactions (P2M) in Nepal.){kind=link}