UPI merchant transactions in Nepal surpass 100,000 mark
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UPI merchant transactions in Nepal surpass 100,000 mark:
This achievement follows NIPL's collaboration with Fonepay, Nepal's largest payment network, to introduce cross-border UPI P2M acceptance in March 2024.
Unified Payments Interface (UPI) Person-to-Merchant (P2M) transactions in Nepal have surpassed the 100,000 mark, announced NPCI International Payments (NIPL), the global arm of the National Payments Corporation of India (NPCI).
This achievement follows NIPL’s collaboration with Fonepay, Nepal’s largest payment network, to introduce cross-border UPI P2M acceptance in March 2024. The milestone reflects growing digital payment connectivity between India and Nepal.
UPI, India’s popular mobile-based real-time payment system, facilitates instant personal and merchant payments. The system has simplified transactions for Indians travelling to Nepal and enables Nepali travellers to India to use UPI payments through the UPI One World app. This app allows visitors to make payments by scanning QR codes at merchant locations, enhancing their experience of India’s diverse culture and offerings.
NPCI International spokesperson, said, “We are happy with the positive feedback received since the introduction of UPI merchant acceptance in Nepal. This milestone is a testament to our commitment to simplifying cross-border transactions between the two nations and enabling new avenues for trade and commerce. Given that Indians constitute the largest number of visitors to Nepal, we expect continued growth in UPI transactions. Furthermore, we believe this initiative will contribute significantly to the economic development of both the countries.”
Currently, UPI is accepted in several countries, including Bhutan, France (Eiffel Tower and Galeries Lafayette), Mauritius, Nepal, Singapore, Sri Lanka, and the UAE. It is one of the world’s largest real-time payments platforms. According to a recent ACI Worldwide report, India accounted for 49% of global real-time payments in 2023.
Further, NIPL has partnered with Nepal SBI Bank Limited (NSBL) to launch RuPay cards in Nepal. RuPay, an Indian global card payment network, is widely accepted at ATMs, POS devices, and e-commerce sites.
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UPI is getting good competition from Brazil's PIX.
Now USA based FEDNOW also launched.
USA based FEDNOW claims that it is better than other instant payments systems Like UPI and Pix.
Reason -
FedNow Service benefits from some “second-mover” advantages. “FedNow are the first cloud-native instant payments, real-time gross settlement system in the world,”
Which is true. NPCI also told If UPI will 100% shift to cloud based instant payment system, then all new features will be updated instantly.
Like Aadhaar based UPI registration, UPI lite extension, UPI Autopay, UPI EMI etc (almost everything), right now all this expands slowly, by doing 1 by 1 bank and 3rd party apps etc.
The work which is taking years to do can be completed in 2 to 4 months.
Reality -
Well, it feels good to listen and narrate. FedNow is cloud-native instant payment system.
But what about first mover advantage?
All the card networks available today are inspired by Visa Card, including Mastercard.
And that's why the world knows. No. 1 card network is Visa. Visa has the largest network in the world.
UPI has got the same advantage that Visa has got in the card network.
China Unionpay card is trying hard but it failed to beat Visa card worldwide (China has banned US card networks but still failed to beat Visa card).
![Grocery items upto 96% off [location specific]](https://cdn3.desidime.com/topics/photos/1884833/medium/Screenshot2024-11-27135738.png?1732696102)
I am scared of UPI growth lol.. lets see where it goes xD
VU+ for many to get aware of