In a landmark event held in Kathmandu, Nepal, PhonePe, the leading digital payments platform, showcased its services powered by the Unified Payments Interface (UPI), a pioneering digital payments system.This move aims to revolutionize cross-border transactions, facilitating seamless digital payments for Indian tourists visiting Nepal and paving the way for Nepalese visitors to India to enjoy the same convenience.
The event brought together key stakeholders from Nepal’s financial landscape, including representatives from banking sectors, payment system providers, UPI-accepting merchants, and business associations. The gathering was supported by Fonepay Payment Service Limited, Nepal’s largest payment system operator and NIPL’s counterpart in the country.
Setting the tone for the event, Diwas Sapkota, CEO of Fonepay Network, delivered a keynote address highlighting the potential of UPI for Nepal’s burgeoning digital economy. This was followed by an engaging panel discussion that delved into the influence of cross-border payments on Nepal’s economy and financial landscape. The esteemed panelists, comprising industry experts and representatives from organizations like Kumari Bank, Nepal Tourism Board, eSewa, and the Asian Development Bank (ADB), explored a range of issues related to cross-border payments, including regulatory hurdles, compliance demands, and their impact on revenue streams and business models.
The panel discussion also shed light on the positive influence of UPI on Nepal’s tourism sector, emphasizing how convenient cashless payments can enhance the overall tourist experience. Additionally, the panelists examined the broader macroeconomic implications of cross-border payments through alternative payment methods, highlighting the benefits for underserved small and medium-scale entrepreneurs.
The event culminated with a comprehensive product showcase led by Ritesh Pai, CEO of International Payments at PhonePe. Pai provided insights into PhonePe’s journey, highlighting its evolution and the driving force behind the democratization of payments across India. The presentation was followed by a demonstration of solutions tailored for both Indian tourists and Nepalese merchants, drawing parallels with the Indian market’s success story and outlining how PhonePe can replicate this triumph in Nepal.
Thanks to Fonepay’s partnership with NPCI International Payments Limited (NIPL), Indian travelers can now utilize UPI-enabled apps like PhonePe to make QR code-based payments at various tourist spots, retail stores, religious sites, and other popular locations in Nepal. Conversely, Nepalese visitors to India will soon be able to utilize their financial instruments, such as wallet-based apps, to scan UPI QR codes and make effortless payments.
Ritesh Pai, CEO of International Payments at PhonePe, expressed his enthusiasm, stating, “We’re thrilled to be showcasing services powered by UPI in Nepal. This gathering has brought together key players from Nepal’s financial landscape, including Fonepay, leading business figures, and representatives from hospitality and tourism. It’s a testament to the collaborative spirit that will ensure UPI’s success in Nepal.”
Diwas Kumar, CEO of Fonepay Nepal, echoed similar sentiments, saying, “This is a moment of immense pride and joy for Fonepay Payment Service Ltd. Our 4 years of journey to bring cross-border payments in Nepal is finally successful, and UPI payment is Live in Nepal. As we introduce UPI payments in partnership with NPCI International, and welcome PhonePe to Nepal, we see a future where smooth digital transactions boost economic growth and financial inclusion, benefiting merchants and businesses.”
This groundbreaking collaboration between PhonePe and Fonepay, facilitated by NPCI International, marks a significant step towards fostering a digital payments ecosystem that transcends borders, enhancing convenience for travelers and promoting economic growth in both nations.
