The international arm of National Payments Corporation of India (NPCI) - NPCI International Payments Limited (NIPL) - has partnered with Gateway Payments Service Pvt Ltd, authorised Payment System Operators in Nepal, and Manam Infotech Private Limited to deploy Unified Payments Interface (UPI) in Nepal, making it the first country outside India to adopt UPI as a payments platform
The firm intends to deploy UPI in Nepal for the larger "Digital Public Good" and to bolster interoperable real-time Person to person (P2P) and Merchant payment transactions (P2M), according to an official statement issued by NIPL.
"We are delighted to join hands with GPS and Manam Infotech to facilitate the deployment of NPCI's flagship Unified Payments Interface in Nepal," said Ritesh Shukla, CEO of NIPL.
"We are excited about this partnership, which will enable consumers within Nepal transact swiftly using state-of-the-art UPI platform and deliver a seamless user experience. We are confident that this initiative will stand as a testimony to NIPL's technological capabilities and vision of scaling our unique offerings globally," Shukla added.
The firm explained that the adoption of UPI will help in driving the digitalisation of cash transactions and furthering the vision and objectives of the Nepal Government and Nepal Rastra Bank as the Central bank.
The firm explained that this collaboration will enable the last-mile consumers in Nepal to reap the benefits of an open interoperable payments system. It will also enable the way forward for real-time cross-border P2P remittances between Nepal and India
Rajesh Prasad Manandhar, CEO of GPS said, "The same UPI service has created a significant positive impact in India in terms of the country's digital payment transformation. We expect UPI in Nepal would play a pivotal role in transforming the digital economy of the country and dreams of building a less-cash society."
GPS will run and manage UPI in Nepal as the Nepal Rastra Bank Authorized Payment System Operators.
Naga Babu Ramineni, Director of Manam said, "Manam has always been part of major digital transformation across the various regions of the world, we believe this partnership will eliminate all the 2. barriers of payment transformation within Nepal and across the border thereby transforming the regional economy. Manam Infotech will provide the UPI technology and operations support working closely with GPS in Nepal.
NIPL conveyed that mobile penetration of over 135 per cent in Nepal with 65 per cent of the population using smartphones provides a bedrock for seamless replication of the digital revolution that has taken place in India.
Over the next few months, all three companies will work closely together to deploy Unified Payments Interface in Nepal along with all the functionalities and features presently available in India.
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