NIPL Achieves 100,000 UPI Transactions Milestone in Nepal

NPCI International Payments Limited (NIPL) has crossed 100,000 cross-border UPI transactions in Nepal, in collaboration with Fonepay. Supported by growing partnerships and a robust real-time payment system, UPI has shown remarkable growth globally, including significant advancements in Nepal’s financial sector.

NPCI International Payments Limited (NIPL) has announced a significant achievement, surpassing 100,000 cross-border Unified Payments Interface (UPI) Person-to-Merchant (P2M) transactions in Nepal. NIPL, the international arm of the National Payments Corporation of India (NPCI), shared this milestone in a recent statement.

NIPL's collaboration with Fonepay, Nepal's largest payment network, has been instrumental in this success. The cross-border P2M UPI acceptance was launched in March 2024, supported by a mobile-based real-time payment system. UPI is already widely accepted in several countries, including Bhutan, France, Mauritius, Singapore, Sri Lanka, and the UAE, making it one of the largest real-time payment platforms globally.

Beyond UPI, NIPL has partnered with Nepal SBI Bank Limited (NSBL) to operationalize RuPay cards in Nepal, enhancing cross-border financial transactions between India and Nepal. According to NPCI, payments through UPI have recorded a 45% yearly growth, with the transaction value exceeding Rs 20 trillion for three consecutive months. In July 2024, the average daily transaction value was Rs 466 million.

Highlighting UPI's success, the Reserve Bank of India (RBI) noted a ten-fold increase in transaction volume, from 12.5 billion in 2019-20 to 131 billion in 2023-24, representing 80% of total digital payment volumes. UPI transactions grew 57% year-on-year in FY24, with PhonePe and Google Pay dominating the segment with a combined market share of 86%, according to the Boston Consulting Group (BCG) Banking Sector Roundup for 2023-24. (ANI)