UPI: India and Nepal have together launched UPI based money transfer system to ease cross-border money transfer. Both the countries have launched P2P (between two entities) cross-border money remittance system on June 6 with the aim of making payments and money transfers easier for people, businessmen and travelers living near the border. The Finance Ministry gave this information on Thursday.
People of India and Nepal will be able to transfer money instantly through mobile app and digital wallet.
Let us tell you that this new system started recently establishes a direct connection between India’s Unified Payments Interface (UPI) and Nepal’s National Payments Interface (NPI). With this, citizens of both the countries will be able to transfer money directly through mobile banking application and digital wallet.
The new payment system will also strengthen the old social and economic relations between India and Nepal.
The Finance Ministry said in a statement that the UPI-NPI integration is a major progress towards financial inclusion, which will promote stronger economic and digital ties between India and Nepal. This is not only simple, but also perfectly suited to the regional goals of secure and affordable cross-boarder payments. The Finance Ministry said that this new system will also help in strengthening the old social and economic relations between India and Nepal.
Facility started in collaboration between NPCI of India and NCHL of Nepal
This technical integration has been accomplished through collaboration between ‘NPCI International Payments Limited’ (NIPL), the international arm of National Payments Corporation of India (NPCI), and Nepal Clearing House Limited (NCHL). The ministry further said that these initiatives strengthen financial inclusion, promote digital and economic integration and enhance convenience for travelers and businesses of both the countries.
UPI is used extensively in India
Let us tell you that most Indians take the help of UPI for digital money transfer in India. Through UPI, you can do not only money transfer and payment but also many other important tasks of everyday life. All payments like mobile recharge, DTH recharge, bill payment, Fastag recharge can be done through UPI.
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