New Delhi, June 9 (IANS). NPCI International Payments Limited (NIPL) on Tuesday announced the launch of cross-border payment linkage between India’s Unified Payments Interface (UPI) and Nepal’s National Payments Interface (NPI). This will allow real-time, low cost and secure money transfer between the two countries.
NIPL is the international branch of National Payments Corporation of India (NPCI). With this integration, users in India and Nepal will be able to conduct person-to-person (P2P) transactions seamlessly using a mobile number, Virtual Payment Address (VPA) or UPI ID without the need to share required bank account details.
This facility is currently live in select banks and is expected to be extended to larger networks of financial institutions in the coming time.
According to NPCI, this linkage is a major step towards strengthening cross-border digital payments and increasing financial inclusion. With this, economic and digital connectivity between India and Nepal will deepen.
Additionally, the project aligns with larger efforts around the world, including the G20 agenda, to make cross-border payments easier, better and cheaper.
Ritesh Shukla, MD & CEO, NPCI International, said the launch of the cross-border remittance linkage between India and Nepal, in partnership with NCHL, showcases the organization’s commitment to innovation that meets the changing needs of communities around the world.
He said this initiative creates a real-time, affordable and secure corridor for cross-border remittances, making the process easier for families in both countries and also promoting financial inclusion.
By enabling real-time settlements, the system is expected to significantly reduce transaction costs compared to traditional remittance channels and provide faster access to funds for users on both sides of the border, especially households that depend on timely remittances.
Nilesh Man Singh Pradhan, Chief Executive Officer, NCHL, said that the successful launch of the linkage between Nepal and India is a testament to the close collaboration and a shared commitment to make cross-border fund transfers easy, realtime and convenient.
“As we embark on the digital payments journey together, we look forward to adding more services and ensuring inclusion for millions of people and businesses on both sides,” he said.
–IANS
KK/ABM