New Delhi: India and Nepal have launched a new cross-border peer-to-peer (P2P) remittance service, marking a significant step toward enhancing digital financial connectivity and economic cooperation between the two neighboring countries.
The service, which became operational on June 6, enables citizens of both nations to send and receive money instantly through a direct connection between India’s Unified Payments Interface (UPI) and Nepal’s National Payments Interface (NPI). The system allows secure, real-time transfers using mobile banking applications and digital wallets.
The initiative is expected to strengthen financial inclusion, promote digital transformation, and deepen economic ties between India and Nepal. It also supports regional efforts to make cross-border payments faster, safer, and more affordable.
The integration was developed through a partnership between NPCI International Payments Limited (NIPL), the international arm of India’s National Payments Corporation, and Nepal Clearing House Limited (NCHL).
The new payment corridor offers several advantages for individuals and businesses in both countries:
- Instant and secure cross-border money transfers.
- Greater convenience for travelers by reducing the need for cash and currency exchange.
- Increased business opportunities for merchants, particularly in Nepal, by enabling easier digital payments from Indian customers.
- Lower cash-handling costs and faster settlement processes for businesses.
- Improved access to digital financial services, supporting broader financial inclusion.
- Expanding Global Reach of UPI
India’s UPI network continues to expand internationally and is currently accepted in nine countries: Singapore, the United Arab Emirates, France, Mauritius, Nepal, Bhutan, Qatar, Sri Lanka, and Cambodia. The growing adoption of UPI abroad enables Indian travelers to make seamless digital payments using familiar payment platforms.
The launch of the UPI-NPI remittance linkage represents another milestone in India’s digital payments journey and is expected to further strengthen people-to-people and business-to-business connections between India and Nepal.
