Nepal will be the first country to adopt India’s UPI system, which will play a pivotal role in transforming the digital economy of the neighbouring country, the National Payments Corporation of India (NPCI). NPCI International Payments Ltd (NIPL), the international arm of NPCI, has joined hands with Gateway Payments Service (GPS) & Manam Infotech to provide the services. GPS is the authorized payment system operator in Nepal. Manam Infotech will deploy Unified Payments Interface (UPI) in Nepal.
The collaboration will serve the larger digital public good in Nepal and bolster interoperable real-time person-to-person (P2P) and person-to-merchant (P2M) transactions in the neighbouring country. Nepal shall be the first country outside of India to adopt UPI as the payments platform driving the digitalization of cash transactions and furthering the vision and objectives of the Nepal Government and Nepal Rastra Bank as the Central bank.
Important takeaways for all competitive exams:
- Nepal Capital: Kathmandu;
- Nepal Currency: Nepalese rupee;
- Nepal President: Bidhya Devi Bhandari;
- Nepal Prime Minister: Sher Bahadur Deuba.