19th Feb 2022, Kathmandu
Paytm and Google Pay, two international digital payment platforms, are now available in Nepal. With this, the system for sending money to any Nepalese bank account or wallet account is set to begin.
Within the following three months, services are expected to resume.
Unified Payment Interface Nepal (UPI Nepal) will be operated by Gateway Payment Services Pvt. Ltd. In collaboration with NPCI (National Payments Corporation of India) International and Manam Infotech of India.
With this agreement, multiple payment service providers will make arrangements for money to be transferred from India to any bank account or wallet in Nepal such as Paytm, Google Pay, PhonePay, etc.
Indians will be able to pay quickly by scanning the QR code while visiting Nepal, and Nepalese will be able to pay easily by scanning the QR code when visiting India, thanks to the launch of this service.
The Gateway Payment Service said in a statement that “the services indicated above will first be operational during the next three months.”
National Payments Corporation of India manages UPI India, a payment network based on interconnectivity and mobile technology.
It is claimed to have played a significant influence in the development of India’s e-economy.
According to Gateway Payment Service, UPI Nepal would take electronic payments to a new level in Nepal, assisting in the country’s transition to a cashless society.