NEPAL BECOMES THE FIRST COUNTRY TO ADOPT INDIA’S UPI SYSTEM
Nepal will be the first country to adopt India’s UPI system, which will play a pivotal role in trans forming the digital economy of the neighbouring country, the National Payments Corporation of India (NPCI) said on February 17.
NPCI International Payments Ltd (NIPL), the inter national arm of NPCI, has joined hands with Gateway Payments Service (GPS) and Manam Infotech to pro vide the services in Nepal.
GPS is the authorised payment system operator in Nepal and Manam Infotech will deploy Unified Payments Interface (UPI) in that country.
The collaboration will serve the larger digital public good in Nepal and boister interoperable real-time person-to-person (P2P) and per son-to-merchant (P2M) transactions in the neigh bouring country, NPCI said in a statement.
“Nepal shall be the first country outside of india to adopt UPI as the payments platform driving the digi talization of cash transactions and furthering the vision and objectives of the Nepal Government and Nepal Rastra Bank as the Central bank,” it said.