look news india
Mumbai: India's popular cashless payments system 'Unified Payment Interface' or UPI has now been launched in Nepal, the system's developer National Payments Corporation of India announced on Friday. This will enable UPI users to complete payment transactions by scanning QR codes and sending money to Nepali merchants.
National Payments Corporation of India International Payments (NIPL) and Nepal's largest payment network 'PhonePe Payment Service' entered into a partnership in September last year. In the first phase, Indian consumers will be able to send money to businesses in Nepal quickly, securely and easily through UPI. Merchants using the PhonePe network will be able to accept payments through UPI. This will be a revolutionary step to increase cross-border transactions between citizens of the two countries. Ritesh Shukla, Chief Executive Officer, NIPL, said, “This initiative reflects our commitment to bring innovation in the field of digital transactions. This will create new business opportunities and strengthen relations between the two countries.