Nepal Is The First Country To Adopt India's UPI System, Now The Economy Of The Neighboring Country Will Be Digital [Make Digital Nepal 2022]

UNIFIED PAYMENTS INTERFACE

Nepal becomes the first country to adopt India's UPI system

Neighboring country Nepal has become the first country in the world to adopt India's UPI payment system. This will go a long way in strengthening Nepal's digital economy. The National Payment Corporation of India (NPCI), which developed the UPI payment system, gave this information on Thursday.

NPCI International Payments Limited (NIPL), the international unit of NPCI, has joined hands with Gateway Payments Service (GPS) and Manam Infotech to offer services in Nepal. GPS is the official payment system operator of Nepal. Manam Infotech will implement Unified Payments Interface (UPI) in Nepal.

Rajesh Prasad Manandhar, Chief Executive Officer (CEO), GPS, said that the UPI service has brought a big change in the field of digital payments in India. “We are hopeful that UPI will play a vital role in transforming Nepal into a digital economy and promoting cashless transactions,” he said.

Ritesh Shukla, CEO, NIPL said, "We are confident that this initiative will help enhance NIPL's technological capabilities and its unmatched offerings globally." There were 3,900 crore financial transactions on the UPI platform in 2021, worth about $ 940 billion, which is about 31 percent of India's GDP.