NPCI International Payments Ltd (NIPL) has partnered with Nepal-based payment network Fonepay Payment Service, for cross-border UPI transactions between India and Nepal.

Banking & Finance

NPCI International Payments Ltd (NIPL) has partnered with Nepal-based payment network Fonepay Payment Service, for cross-border UPI transactions between India and Nepal. The agreement will facilitate QR-code-based, person-to-merchant (P2M) UPI transactions between the two countries. In the first phase, Indian consumers will be able to make instant, secure and convenient UPI payments across various business stores in Nepal to merchants on the Fonepay Network. This cross-border payment solution will significantly improve economic ties, commerce and tourism between the two nations, eventually promoting economic prosperity and progress.


      Fonepay is a Payment System Operator (PSO) and a subsidiary of the F1Soft Group.

      It facilitates inter-bank person-to-person (P2P) and person-to merchant (P2M) transactions through its interoperable network and mobile platforms.

      Regulated by Nepal Rastra Bank (NRB), FonePay is Nepal’s first mobile payment network to be licensed as a PSO.

 

     


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