Nepal becomes first country outside India to adopt UPI payments system

Nepal has now become the first country outside of India to adopt real-time Unified Payments Interface(UPI) payments.

NIPL has joined hands with payment system operator Gateway Payments Service and Manam Infotech to deploy UPI in Nepal in a bid to bolster interoperable real-time Person to Person and merchant payment transactions in the country.

NIPL had also tied up with UAE's Mashreq Bank to enable Indian travelers to pay for their purchases using UPI. Whereas, the Nepal partnership will enable the creation of UPI real-time-based payment system in Nepal.

Through this collaboration, Nepal will be able to have access to the open interoperable payments system driving immediate payment transfers between bank accounts and merchant payments. Source: Moneycontrol

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