Nepal and India to Sign Agreement for Cross-Border Digital Payments

Indian E-Wallets to be Accepted in Nepal for Digital Payments

Nepal and India are preparing to sign an agreement to allow cross-border digital payments through e-wallets, a move that is expected to boost trade and tourism between the two countries by eliminating currency exchange issues. The accord, expected to be signed during Nepali Prime Minister Pushpa Kamal Dahal’s visit to India, will allow Indian tourists in Nepal to make digital payments through Indian e-wallets like BharatPe, PhonePe, Google Pay, and Paytm. The two countries have agreed to the deal, and officials from both countries are awaiting signatures. The launch of digital payment services will eliminate the hassle of carrying large amounts of cash for Indian tourists and businessmen in Nepal and is expected to increase inter-operable real-time person-to-person (P2P) and merchant payment transactions (P2M) in Nepal.

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Unified Payment Interface to Enhance Payment Transactions in Nepal

Last year, the National Payment Corporation of India and its international arm International Payments collaborated with Gateway Payment Service and Manam Infotech to deploy a unified payment interface in Nepal, providing a cross-border payment system for the first time in Nepal based on inter-operable and mobile-first technology. The system will facilitate payments for larger digital goods and enhance inter-operable real-time P2P and P2M payment transactions in Nepal. Despite being close neighbours, financial transactions between Nepal and India have been complex, but this agreement will make it simpler for Indian tourists to travel to Nepal and boost Nepal’s travel and tourism industry.

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