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Nepal to use India's UPI for digital transactions

method 2023-11-29 06:39:10499899

Nepal has adopted the unified payment interface developed by India for digital transactions, a government periodical said in its latest edition.

Nepal to use India's UPI for digital transactions

Earlier this year, Bhutan also launched a BHIM-UPI based payment service for digital transactions, as per the article tweeted by PIB on Thursday.

Nepal to use India's UPI for digital transactions

"Many countries praised the CoWin app, which was created for vaccination during the first COVID period and Nepal has now adopted India's UPI for digital transactions. It will bolster interoperable real-time person-to-person (P2P) and person-to-merchant (P2M) transactions," the article said.
UPI was launched in India in 2016.

Nepal to use India's UPI for digital transactions

According to official data, Bharat Interface for Money-Unified Payments Interface (BHIM-UPI) has emerged as the preferred payment mode of the citizens and has achieved a record of 452.75 crore digital payment transactions with the value of Rs 8.27 lakh crore till February 28, 2022.

Notably, Nepalese Prime Minister is all set to embark on a three-day official visit to India from April 1, according to local media.

Nepal PM will be in India during April 1-3.The Kathmandu Post citing sources said that Prime Minister Sher Bahadur Deuba has already received and accepted the invitation extended by his Indian counterpart Narendra Modi to visit the neighbouring country. This comes after Chinese Foreign Minister and State Councilor Wang Yi concluded his three-day Nepal visit.

Last week, Sri Lankan Finance Minister Basil Rajapaksa visited New Delhi and met Prime Minister Narendra Modi as well as External Affairs Minister S Jaishankar. He had thanked PM Modi for the support extended by India for the Sri Lankan economy.

India has stepped up and pledged a whopping USD 2.415 billion to the island nation to help overcome dire financial constraints caused by external debt payments and a lack of US dollars in the country for business.

READ: Nepal: Connect-IN Entrepreneurship Conclave to be held on Mar 23


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