February 17, 2024Anmol Nagpal

UPI enables cross-border payments in Nepal

RBI signed terms of reference with Nepal Rastra Bank on the Integration of the Unified Payments Interface of India with the National Payments Interface of Nepal for cross-border remittances.

Source: RBI

The banking regulators of India and Nepal signed and exchanged Terms of Reference for the integration of cross-border payment between the two countries.

Source: Freepik

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.

Source: Twitter/ @MEAIndia

The statement further adds that the necessary systems will soon be put in place for the interlinking of UPI and NPI.

Source: Shutterstock

However, the formal launch of the linkage i.e., commencement of operations will be carried out at a later date.

Source: ANI

Notably, Indians can now use the UPI to make payments in seven countries.

Source: ANI

UPI payments are accepted in France, UAE, Singapore, Bhutan, Sri Lanka, Mauritius, and Nepal.

Source: Pixabay