NPCI International Payments Limited (NIPL) has announced a significant achievement, surpassing 100,000 cross-border Unified Payments Interface (UPI) Person-to-Merchant (P2M) transactions in Nepal. NIPL, the international branch of India’s National Payments Corporation of India (NPCI), reached this milestone in collaboration with Fonepay, Nepal’s leading payment network.
Since its launch in March 2024, the partnership with Fonepay has bolstered UPI’s presence in Nepal, adding to its extensive global footprint. The real-time payment system is already operational in several countries, including Bhutan, France, Mauritius, Singapore, Sri Lanka, and the UAE.
NIPL has further expanded its footprint by teaming up with Nepal SBI Bank Limited (NSBL) to introduce RuPay cards in Nepal, enhancing cross-border financial transactions. The UPI’s growth is evident, with a 45% increase in payments year-on-year and a transaction value soaring to Rs 20.64 trillion. This marks the third consecutive month of surpassing Rs 20 trillion in transactions.
The Reserve Bank of India (RBI) highlights UPI’s exponential growth, noting a ten-fold increase in transaction volume from 2019 to 2024, with UPI accounting for 80% of all digital payment volumes. In the competitive landscape, PhonePe and Google Pay lead the market, capturing an 86% share, according to the Boston Consulting Group.
Source: Adda 24 7