Mumbai, 30 July 2024: Nepal has seen a significant milestone with Unified Payments Interface (UPI) merchant transactions crossing the 100,000 mark. This achievement was made possible through the collaboration between NPCI International Payments Limited (NIPL) and Fonepay, Nepal's largest payment network. The cross-border Person-to-Merchant (P2M) UPI acceptance was launched in March 2024, marking a new era of digital payment connectivity between the neighboring countries.

UPI, India's popular mobile-based real-time payment system, has simplified payments for Indian tourists visiting Nepal. Likewise, Nepali travelers in India can now use the UPI One World app to make payments by scanning QR codes at merchant locations, making it easier to explore India's rich culture and experiences.

Commenting on this milestone, Ritesh Shukla, CEO of NPCI International, said, "We are pleased with the positive response following the introduction of UPI merchant acceptance in Nepal. This milestone reflects our commitment to simplifying cross-border transactions and creating new opportunities for trade and commerce between the two nations."

UPI is currently accepted in Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka, and the UAE. According to a recent ACI Worldwide report, 49% of the world's real-time payments in 2023 were made in India.

In addition, NIPL has partnered with Nepal SBI Bank Limited to operationalize RuPay cards in Nepal. RuPay is a global card payment network from India, widely accepted at ATMs, POS devices, and e-commerce websites. NIPL's mission is to extend successful payment systems like UPI and RuPay worldwide.