In Nepal, India’s UPI has been registered. Nepalese citizens will soon be able to pay using UPI technology. Nepal has thus become the first country outside of India to implement the UPI system.
International Payments Limited (NIPL), a subsidiary of NPCI, has partnered with Gateway Payments Services and Manam Infotech to provide services in Nepal. Please be aware that GPS is Nepal’s authorised payment system operator. In Nepal, Manam Infotech will now implement the Unified Payments Interface (UPI).
According to NPCI, this initiative will increase convenience for Nepalese citizens while also encouraging digital transactions. The unique aspect of Nepal’s adoption of UPI is that it will be the first country after India to do so in order to promote digitization and reduce cash transactions.
“We are confident that this initiative will help enhance NIPL’s technological capabilities and offerings globally,” said Ritesh Shukla, CEO of NIPL. Explain how this digital transaction has benefited India’s economy as well. In 2021, 3,900 crore transactions were processed through UPI, accounting for about 31% of India’s GDP.
What is UPI and how do you explain it in simple terms?
UPI is a banking system that allows for money transactions to be made through a payment app. It’s a concept that allows you to transfer money between multiple bank accounts using a single mobile app. It was developed by India’s National Payment Corporation (NPCI). At the same time, the Reserve Bank and the Indian Banks Association are in charge of it.
Even if you don’t have access to the internet, you can make a payment.
NPCI is working on UPI Light to provide more convenience to users. The user will be able to make payments using it even if they do not have access to the internet. It is claimed that it will benefit millions of people living in villages with poor internet access.
According to media reports, UPI Lite will initially be used in rural areas for payments of less than Rs 200. On January 5, the RBI allowed digital payments up to Rs 200 without an internet connection.