India, Nepal launch cross-border remittance mechanism linking UPI and NPI
New Delhi ( Raghwendra Pratap Singh) : India and Nepal have launched a peer-to-peer (P2P) cross-border remittance mechanism, marking a significant step towards strengthening digital financial connectivity and economic cooperation between the two neighbouring countries.
The system, which became operational on June 6, establishes a direct linkage between India’s Unified Payments Interface (UPI) and Nepal’s National Payments Interface (NPI), enabling real-time and secure money transfers between individuals through mobile banking applications and digital wallets.
According to an official statement, the integration is expected to enhance financial inclusion, facilitate cross-border transactions and further strengthen long-standing economic and people-to-people ties between the two countries.
The linkage has been implemented through collaboration between the National Payments Corporation of India’s international arm, NPCI International Payments Limited (NIPL), and Nepal Clearing House Limited (NCHL).
The new payment corridor allows users to transfer funds instantly across borders without relying on conventional banking channels. The system is also expected to benefit travellers by reducing dependence on physical cash and simplifying payment processes during cross-border visits.
