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Nepal will be the first country to acquire India’s UPI system
National Payments Corporation of India (NPCI) declared on Thursday that Nepal will be the first country to adopt India’s Unified Payment Interface (UPI) system. NPCI further stated that this UPI will play a key role in upgrading and transforming the digital economy in Nepal.
Nepal shall be the first country outside of India to acquire UPI as the payment platform embracing the digitalization of cash transactions and enforcing the goals and objectives of the Nepal Government and Nepal Central Bank
NPCI further stated that Nepal has a population of about 30 million (3 crores) with around 45 per cent banked. Mobile penetration of over 135 per cent with 65 per cent of the population using smartphones provides the bedrock for seamless replication of the digital revolution in India to be replicated in Nepal
In Nepal, the payment system is operated or authorized by Gateway Payment Services (GPS) and GPS will collaborate with Manam Infotech which will deploy UPI in Nepal. NPCI international private limited (NIPL) the international arm of NPCI has joined the collaboration of GPS and Manam Infotech to provide or upgrade digital services in Nepal.
Rajesh Prasad Manandhar, CEO of GPS said that “UPI has created a significant positive impact in India in terms of the country’s Digital Payment transformation. We expect the UPI system in Nepal would play a key role n transforming the digital economy of the country and to achieve dreams of building a less-cash society.”
As informed by the CEO of GPS it’s important to note that in 2021, UPI enabled 3900 crore financials transactions valuing USD 940 billion, which is equivalent to approximately 31 per cent of India’s GDP. UPI is indeed having a positive impact on India in the digital transaction and also helping India in moving towards a cashless society.
NPCI stated that this collaboration or this plan of implementing UPI in Nepal will enable a way forward for real-time cross border P2P remittance between Nepal and India. NPCI further stated that this collaboration will benefit the public at large as this collaboration will boost interoperable real-time person to person (P2P) and person to merchant (P2M) transactions in the neighbouring country.
The Director of Manam, Naga Babu Ramineni stated that “Manam has always been part of digital transformation across the various regions of the world, we believe this partnership will help in eliminating all the obstructions of payment transformation within Nepal and across the border thereby by transforming the scope of the regional economy.”
Advantages of adopting UPI in Nepal
Ritesh Shukla, CEO of NIPL stated that they are delighted to join hands with GPS and Manam infotech to facilitate the deployment of NPCI’s flagship Unified payments interface (UPI) in Nepal. This partnership will enable consumers within Nepal to transact in real-time using the UPI platform.
NPCI further added that Nepal 3 Crore population and 65 per cent of them using mobiles 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 Payment Interface in Nepal along with all the functionalities and features presently available in India.”
To conclude acquiring UPI (Unified Payment Interface) in Nepal will lead to the digital revolution in Nepal and help Nepal in becoming a cashless society soon. Adopting India’s UPI system in Nepal establishes the fact that UPI was a huge success in India and it is helping India in becoming a cashless society by promoting digital transactions in India.
Tags : #nepal #UPI #NPCI #NIPL #GPS #maaninfotech #onlinepayment #transactionthroughupi #mobiletransaction #digitalpayment
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