NPCI International Payments Limited (NIPL) has reached a significant milestone by exceeding 100,000 cross-border Unified Payments Interface (UPI) Person-to-Merchant (P2M) transactions in Nepal, according to a release

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NPCI International Payments Limited (NIPL) has reached a significant milestone by exceeding 100,000 cross-border Unified Payments Interface (UPI) Person-to-Merchant (P2M) transactions in Nepal, according to a release. NIPL is the International Division of the National Payments Corporation of India (NPCI).

NIPL Collaborated With Fonepay

NIPL teamed up with Fonepay, Nepal's largest payment network, to launch cross-border P2M UPI acceptance in March 2024. UPI, which is powered by a mobile-based real-time payment system, is already extensively recognized in a number of countries, including Bhutan, France, Mauritius, Singapore, Sri Lanka, and the UAE, making it one of the world's largest real-time payment platforms.

NIPL Partners With Nepal SBI Bank Limited

In addition to UPI, NIPL has partnered with Nepal SBI Bank Limited (NSBL) to launch RuPay cards in Nepal, improving cross-border financial transactions between the two nations, according to the release. According to the NPCI, UPI payments are growing at a rate of 45% annually.

Growth Of More Than 35 Percent

The overall value of transactions increased by more than 35%, reaching Rs 20.64 trillion. This is the third consecutive month in which total transactions exceed Rs 20 trillion. The overall value of UPI transactions in June 2024 was Rs 20.07 trillion, compared to Rs 20.44 trillion in May. According to the report, the average daily transaction value using UPI in July 2024 was Rs 466 million, or approximately Rs 66,590 crore.

A Tenfold Increase In Volume

Underscoring UPI's success, the Reserve Bank of India (RBI) noted in its monthly bulletin that UPI transactions have increased tenfold in volume, from 12.5 billion in 2019-20 to 131 billion in 2023-24, accounting for 80% of total digital payment volumes. Unified Payments Interface (UPI) transactions grew by 57% year on year in FY24.

Domination Of PhonePe And Google Pay

PhonePe and Google Pay dominated this area, with a combined market share of 86%, according to the Boston Consulting Group's (BCG) Banking Sector Roundup for 2023-24.

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