Kathmandu. National Payments Corporation International Payments Limited (NIPL) of India and Nepal Clearing House Limited (NCHL), Nepal’s premier payment infrastructure entity, have launched an initiative to integrate India’s Unified Payments Interface (UPI) and Nepal’s National Payments Interface (NPI). With this partnership, cross-border remittances between Nepal and India can now be done in real time, safe and at low cost. Indian and Nepali users in India as well as Indian users in Nepal will be able to easily transfer funds between individuals.
The service, which is currently available in some banks, will gradually be expanded to other banks as well. The integration with UPI is seen as an important milestone in fostering financial inclusion, stronger financial and digital ties. In line with G20’s objective of making cross-border payments easy and accessible, this integration is expected to further strengthen the long-standing social, cultural and economic ties between India and Nepal by establishing interconnectivity between the fast payment systems of the two countries.
Nepalese and Indian users can send money to Nepal through their mobile number or Virtual Payment Address (VPA). Similarly, Indian users will be able to send money to India using their UPI ID from Nepal. This process will provide users with a simple, secure and convenient experience eliminating the need to share sensitive bank account details.
Commenting on the partnership, Mr. Ritesh Shukla, MD & CEO, NPCI International said, “We are pleased to collaborate with NCHL to introduce cross-border remittance service between Nepal and India. With this initiative, we are committed to harnessing the latest technology to meet the changing needs of the global community.” By creating a real-time, low-cost, and safe channel for cross-border remittance, we hope to simplify remittances in both countries and promote financial inclusion. ”
Through this innovative service, the integration of UPI will enable transactions to be completed in real time, especially to the millions of families dependent on remittances. This new service will provide a transparent and efficient service to cross-border remittance individuals and families, while reducing the costs associated with traditional cross-border remittance systems.
Mr. Nilesh Man Singh Pradhan, Chief Executive Officer, Nepal Clearing House Ltd. said, “Nepal Clearing House Ltd. (NCHL) has successfully launched a seamless and convenient real time cross-border fund transfer system through this collaboration between Nepal and India. We remain committed to working together to expand access and innovate the reach of millions of people and businesses in both countries in this journey of digital payments, further expanding technologies and further services.” ”
This collaboration between NPCI International and NCHL marks the beginning of a significant step in the field of digital payments and will further strengthen the economic corridor between Nepal and India. This initiative will make the financial systems of both countries more secure and transparent. Through this collaboration, India and Nepal have created an effective model of inter-connected, real-time payment systems that other countries can emulate.
