NPCI ties up with Nepal’s Fonepay for cross-border service provider funds

NPCI Worldwide Funds (NIPL), the worldwide arm of Nationwide Funds Company of India (NPCI) has entered into an settlement with Nepal-based fee community Fonepay Cost Service, for cross-border UPI transactions between India and Nepal.

Additionally learn: RBI, Govt assist to gasoline fintech companies development: NPCI Chief Dilip Asbe

The association will facilitate QR-code-based, person-to-merchant (P2M) UPI transactions between the 2 nations. Within the first section, Indian shoppers will be capable to make on the spot, safe and handy UPI funds throughout varied enterprise shops in Nepal to retailers on the Fonepay Community.

“This cross-border fee resolution will considerably enhance financial ties, commerce and tourism between the 2 nations, ultimately selling financial prosperity and progress. The seamless cross-border fee resolution aligns with our dedication to drive digital financial system to the best peak and we anticipate a optimistic ripple impact on each native and regional economies,” mentioned Fonepay CEO Diwas Kumar.

Fonepay is a Cost System Operator (PSO) and a subsidiary of the F1Soft Group. It facilitates inter-bank person-to-person (P2P) and person-to service provider (P2M) transactions by its interoperable community and cell platforms. Regulated by Nepal Rastra Financial institution (NRB), FonePay is Nepal’s first cell fee community to be licensed as a PSO.

The settlement with Nepal comes per week after NPCI Worldwide signed an MoU with Greece-based Eurobank S.A. to streamline cross-border funds between Greece to India utilizing UPI rails. The settlement will allow Overseas Inward Remittance transactions from Greece to India and can assist handle fund settlement, reconciliation and dispute resolutions within the respective jurisdictions.