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Reserve Bank of India (RBI) signed terms of reference (ToR) with Nepal Rastra Bank on Integration of Unified Payments Interface (UPI) of India with National Payments Interface (NPI) of Nepal for cross-border remittances.
The banking regulators of India and Nepal signed and exchanged Terms of Reference for integration of cross border payment between the two countries. The integration is aimed at facilitating cross-border remittances between India and Nepal by enabling users of the two systems to make instant, low-cost fund transfers.
“The collaboration between India and Nepal in linking their fast payment systems through the UPI-NPI linkage will further deepen financial connectivity and reinforce the enduring historical, cultural, and economic ties between the two countries,” reads the RBI statement.
The statement further adds that the necessary systems will soon be put in place for interlinking of UPI and NPI. However, the formal launch of the linkage i.e., commencement of operations will be carried out at a later date.
UPI in seven countries
Notably, Indians can now use the UPI to make payments in seven countries (including Nepal). Following its launch in Sri Lanka and Mauritius, UPI payments are accepted in France, UAE, Singapore, Bhutan, and Nepal.
After the announcement, MyGovIndia shared a world map, highlighting the countries where Indians can use UPI to make payments.
UPI was launched by the National Payments Corporation of India (NPCI) in 2016 and has rapidly gained momentum. The widespread adoption of UPI underscores the urgent need for secure, efficient, and user-centric payment methods.
Bhutan was the first country to adopt UPI in 2021.
In August last year, Germany’s federal minister for digital and transport Volker Wissing used UPI to make a payment at a vegetable shop in the national capital. Following this, the German embassy described digital infrastructure in India as one of its success stories and shared the video of Wissing using the UPI.
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Published: 16 Feb 2024, 05:05 PM IST
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