More

    Nepal’s digital economy plans get a leg up with UPI

    GovernanceE-governanceNepal’s digital economy plans get a leg up with...
    - Advertisment -

    Nepal’s digital economy plans get a leg up with UPI

    As an open interoperable payments system, UPI will bring the convenience of digital payments to citizens of Nepal and will help modernise the country’s digital payment infrastructure.

    The National Payments Corporation of India (NPCI) today announced it will share technology to with a Nepal company to provide unified payments interface (UPI) services in the Himalayan country. This has the potential to pave the way for transforming the country’s digital economy.

    With this, Nepal will be the country outside India to adopt India’s UPI system technology. UPI provides real-time person-to-person and to-merchant payment transactions.

    NPCI International Payments has partnered with Gateway Payments Service, an operator authorised to implement the payment system in Nepal.

    - Advertisement -

    As a payments platform, UPI will help catalyse the process of financial inclusion in Nepal. It has the potential to transform the regional economy by creating real-time cross-border facilities for businesses. Besides, it will also help person to person remittances between people in the two countries.

    UPI will enable the final stretch of consumers in Nepal to reap the benefits of an open interoperable payments system and bring the convenience of digital payments to citizens of Nepal.

    In 2021, UPI enabled 39 billion financial transactions amounting to commerce worth $940 billion, which is equivalent to approximately 31 per cent of India’s GDP.

    45 per cent of Nepalis hold a bank account and mobile penetration in the country is over 135 per cent. Besides, 65 per cent of the population use smartphones.

    GPS CEO Rajesh Prasad Manandhar says, “We expect UPI in Nepal would play a pivotal role in transforming the digital economy of the country and dreams of building a less-cash society.”

    - Advertisement -

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Latest news

    Government considering ₹100-crore Proposal for Integrated Aqua Park in J&K

    The Union Minister highlighted the Government of India’s steadfast commitment to the growth of Jammu and Kashmir’s livestock and fisheries sectors as engines of rural income and nutritional security.

    IFRC Calls for Increased International Support as Afghans Move from Iran

    At the border, families endure sweltering temperatures often topping 40°C, armed with the few belongings they could manage to pack. They find shade under blankets, while signs of malnutrition are evident in children, and many mothers appear worn down and anxious.

    Lawmakers in Maldives Pledge to Support Women Leaders

    Participants at the meeting recommitted themselves to working with all stakeholders to advance the ICPD PoA and achieve the 2030 Agenda and reaffirmed the 2024 Oslo Statement of Commitment.

    New UN Report Charts Path out of Debt Crisis Threatening Global Development

    Debt service payments by developing countries have soared by $74 billion in a single year, from $847 billion to $921 billion.
    - Advertisement -

    Nepal: Foreign Minister Calls for Urgent International Climate Finance for Nepal’s Mountain Regions

    Though Nepal has introduced climate budget tagging to track climate-related public spending, gaps remain in strategy, transparency, and alignment with national climate goals.

    Afghanistan: Surging Returns from Iran Overwhelm Fragile Support Systems, UN Agencies Warn

    Meanwhile, UNHCR alongside partners is working to address the urgent needs of those arriving – food, water, shelter, protection. However its programmes are also under severe strain due to limited funding.

    Must read

    Government considering ₹100-crore Proposal for Integrated Aqua Park in J&K

    The Union Minister highlighted the Government of India’s steadfast commitment to the growth of Jammu and Kashmir’s livestock and fisheries sectors as engines of rural income and nutritional security.

    IFRC Calls for Increased International Support as Afghans Move from Iran

    At the border, families endure sweltering temperatures often topping 40°C, armed with the few belongings they could manage to pack. They find shade under blankets, while signs of malnutrition are evident in children, and many mothers appear worn down and anxious.
    - Advertisement -

    More from the sectionRELATED
    Recommended to you