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India’s Unified Payment Interface (UPI) is extending its global footprint through a strategic collaboration with Nepal’s largest payment network, Fonepay. The partnership between NPCI International Payments and Fonepay has officially launched, facilitating cross-border transactions between India and Nepal.
In its initial phase, the collaboration empowers Indian users to make instant QR code-based payments at various Fonepay merchants in Nepal through UPI-enabled apps. The move underscores India’s commitment to advancing digital payments, fostering trade, and enhancing bilateral relations between the two nations.
Ritesh Shukla, CEO of NPCI International Payments, emphasizes the initiative’s significance in propelling digital payments innovation and creating opportunities for trade. Shukla envisions the partnership as a catalyst for greater financial inclusion and economic prosperity in the region, expressing excitement about embarking on this transformative journey together.
Since its inception in 2016, UPI has played a pivotal role in India’s initiatives to leverage digital payments for enhanced financial inclusion, having surpassed 100 billion transactions to date. In 2020, the international subsidiary, NPCI International Payments, was established to promote UPI and the RuPay card network beyond India’s borders. Earlier this year, the subsidiary formed a strategic alliance with Google Pay, further accelerating its global expansion efforts.
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