Digital Economy: UPI flourishes even abroad, now this country has started UPI for digital transactions

UPI Transaction: Adopt 6 ways to avoid cyber fraud, your account will not be breached during transaction

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new Delhi. To strengthen the digital economy, the UPI system started in the country is now in demand abroad as well. Nepal has become the first country, which has adopted India’s UPI system. This will help in strengthening the digital economy of the neighboring country. NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), has joined hands with Gateway Payments Service (GPS) and Manam Infotech to offer services in Nepal.

GPS is the authorized payment system operator in Nepal. Manam Infotech will implement Unified Payments Interface in Nepal. NPCI said in a statement that this tie-up will increase convenience for the people in Nepal and encourage digital transactions.

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Neighboring country’s economy will be strong
Nepal will be the first country outside India to adopt UPI as a payment platform promoting digitization of cash transactions, the statement said. Rajesh Prasad Manandhar, Chief Executive Officer (CEO) of GPS said that the UPI service has made a huge positive impact in terms of digital payments in India. We are hopeful that UPI will play a vital role in transforming the digital economy in Nepal and building a less cash less society.

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Will help in making a global identity
NIPL CEO Ritesh Shukla said that we are confident that this initiative will help in enhancing NIPL’s technological capabilities and its unmatched offerings globally. UPI enabled 3,900 crore financial transactions worth $940 billion in 2021, which is equivalent to about 31 per cent of India’s GDP.

UPI preparation without internet
NPCI is currently working on UPI Light. With the help of UPI Lite, you can make payments even without internet connection. This will benefit crores of people in those rural areas of the country, where internet is not able to run properly. Through UPI Lite, any person will be able to make digital payments from feature phones.

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