The Reserve Bank of India (RBI) and Nepal Rastra Bank (NRB) have inked the Terms of Reference for integrating the Unified Payments Interface (UPI) of India with the National Payments Interface (NPI) of Nepal, aiming to streamline cross-border remittances. This collaboration is designed to allow customers of each techniques to conduct on the spot, cost-effective fund transfers between India and Nepal.
In its assertion, the RBI emphasised that the mixing of quick fee techniques between India and Nepal via the UPI-NPI linkage will improve monetary connectivity and strengthen the longstanding historic, cultural, and financial bonds between the 2 nations. As per the agreed Terms of Reference, the required infrastructure might be established for the interlinking of UPI and NPI, with the formal graduation of operations slated for a later date.
Furthermore, the latest enlargement of UPI payments to seven countries, together with Nepal, demonstrates India’s dedication to fostering digital fee ecosystems past its borders. This enlargement follows the latest launch of UPI providers in Sri Lanka and Mauritius, and the countries lined embody France, the UAE, Mauritius, Sri Lanka, Singapore, Bhutan, and Nepal.
During a digital occasion attended by Prime Minister Narendra Modi, the inauguration of UPI and Rupay card providers in Sri Lanka and Mauritius was marked. PM Modi emphasised the importance of these launches, stating that they underscore the strong linkages between India and these countries. Additionally, NPCI International Payments Limited (NIPL) and Lyra introduced the adoption of UPI in France earlier this month, additional extending the attain of India’s digital fee infrastructure globally.
These are the countries which have begun accepting payments via UPI.
Bhutan (UPI)
NPCL International Payments Ltd (NIPL) and the Royal Monetary Authority (RMA) of Bhutan collaborated to introduce BHIM UPI QR-based payments on July 13, 2021, marking Bhutan as the primary nation to allow UPI transactions.
Oman (UPI and Rupay)
An MoU was signed between the National Payments Corporation of India (NPCI), International Payments Ltd (NIPL), and the Central Bank of Oman (CBO) on October 4, 2022.
Mauritius (UPI and Rupay)
Indian guests to Mauritius can use UPI for payments to native companies. Additionally, banks in Mauritius have been authorised to challenge Rupay playing cards domestically through the MauCAS card community.
Sri Lanka (UPI)
UPI-based QR-code payments may be made by Indians visiting Sri Lanka.
Nepal (UPI)
Indian residents can execute financial institution transfers to and from Nepal utilizing UPI IDs via cell banking.
France (UPI)
The formal launch of the UPI fee system came about on the Eiffel Tower in Paris on February 2.
UAE (UPI)
The UAE can also be included among the many countries the place UPI providers are accepted.
Additionally, NIPL has entered into an agreement with the Liquid Group to introduce QR-based UPI payments in 10 Southeast Asian countries, together with Malaysia, Thailand, the Philippines, Vietnam, Singapore, Cambodia, South Korea, Japan, Taiwan, and Hong Kong.
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