As Gateway Payment Service is collaborating with NPCID International and Manam Infotech to launch Unified Payment Interface Nepal (UPI Nepal), Indians can now pay in Nepal using Google Pay and Paytm, while Nepali can take their local digital wallet e-Sewa and Khalti to India for online payment.
Gateway Payment Service, a payment system operator licensed by Nepal Rastra Bank, has teamed up with NPCI International and Manam Infotech to provide UPI solutions to Nepal. If everything goes according to plan, Indians would be able to make payments in Nepal using digital wallets such as Google Pay and Paytm. Meanwhile, you can pay online with your local e-Sewa and Khalti in India.
Unified Payment Interface in Nepal
The purpose of the Unified Payment Interface in Nepal is to promote interoperable real-time Person to Person (P2P) and Merchant payment transactions (P2M) in Nepal. Nepal will be the first country outside of India to embrace UPI as a payments platform, enabling the digitalization of cash transactions. It will help in enhancing the visions and objectives of the Nepal Government and Nepal Rastra Bank as the Central Bank.
This collaboration will allow Nepalese last-mile consumers to benefit from an open, interoperable payment system that enables real-time financial transfers between bank accounts and merchant payments. It will pave the way for real-time cross-border P2P transfers between Nepal and India in the future.
About Unified Payment Interface
UPI is one of the most popular real-time payment systems in the world. It offers simplicity, safety, and security in person-to-person (P2P) and merchant-to-merchant (P2M) transactions. In 2021, UPI facilitated 39 billion financial transactions totaling USD 940 billion in commerce, which is comparable to around 31% of India’s GDP. UPI’s real-time payment system will assist Nepal’s financial inclusion initiative to move forward. Furthermore, it will expand commercial opportunities. Similarly, it will aid in the modernization of Nepal’s digital payment infrastructure and provide citizens with the convenience of digital payments.
What role will these companies play in Nepal’s UPI solution?
- NPCI International Payments Ltd (NPL) provides the NPCI’s flagship Payments Interface (UPI) platform in Nepal.
- This collaboration will allow Nepal to develop a real-time payments system, utilizing NPCI’s best-in-class technology to democratize payments and eliminate cash.
- As Nepal Rastra Bank Authorized Payment System Operators, Gateway Payment Service will run and manage a UPI in Nepal.
- Manam Infotech Pvt Ltd will provide UPI technology and operations support working closely with the Gateway Payment Service in Nepal.
With this, all Nepalese traveling to India can pay via e-Sewa, Khalti, IME pay, and mobile banking by scanning QR codes. Similarly, visitors from India can make digital payments to any bank account in Nepal using Google Pay, Phone Pay, as well as make a transaction to any bank account in Nepal.
Testimonial:
Rajesh Prasad Manandhar, CEO of GPS stated, “In terms of the country’s digital payment transition, the same UPI service has had a huge positive influence in India. We anticipate that UPI in Nepal will play a critical role in altering the country’s digital economy and realizing the country’s vision of becoming a cashless society.”
Ritesh Shukla, CEO of NIPL said, “We are delighted to join hands with GPS and Manan Infotech to facilitate the deployment of NPCI’s flagship Unified Payments Interface in Nepal. At NIPL, we are committed to transforming payments by taking our payments solutions to global markets and collaborating with local payment system operators. We are excited about this partnership, which will enable consumers within Nepal to transact swiftly using a 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 offering globally.”
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