NPCI International, NCHL Launch India-Nepal Cross-Border Payments Network

New Delhi, Jun 9 (KNN) NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), has partnered with Nepal Clearing House Ltd (NCHL) to launch a cross-border payment linkage between India's Unified Payments Interface (UPI) and Nepal's National Payments Interface (NPI).
 
India-Nepal Cross-Border Payment Linkage Goes Live
 
The new linkage enables real-time, low-cost and secure person-to-person (P2P) remittances between India and Nepal. The service is currently available through select banks and is expected to be expanded to more financial institutions in the coming months.
 
Under the arrangement, Indian and Nepalese users in India can send money to Nepal using the recipient's mobile number or virtual payment address (VPA), while Indian users in Nepal can transfer funds to India using UPI IDs. The facility eliminates the need to share bank account details, simplifying the remittance process.
 
Initiative Aims To Strengthen Financial Inclusion
 
According to NIPL, the initiative is aimed at strengthening financial inclusion and enhancing economic and digital connectivity between the two countries. 
 
The payment linkage aligns with the G20 objective of promoting faster, affordable and accessible cross-border payments through direct interoperability between national payment systems.
 
The platform enables real-time fund transfers and is expected to benefit individuals and families that rely on remittances by providing a transparent and cost-effective alternative to traditional cross-border transfer channels.
 
Industry Leaders Highlight Significance Of Partnership
 
Commenting on the development, NIPL Managing Director and CEO Ritesh Shukla said the partnership reflects the organisation's commitment to building innovative payment solutions that meet evolving global needs while promoting financial inclusion through affordable and secure remittance services.
 
NCHL Chief Executive Officer Neelesh Man Singh Pradhan said the launch marks an important milestone in the digital payments journey of both countries and demonstrates the commitment of the two organisations to making cross-border fund transfers seamless, real-time and convenient.
 
The collaboration is expected to further strengthen the India-Nepal economic corridor by enabling secure, transparent and traceable digital transactions. The two organisations said the project could serve as a model for interoperable real-time payment systems in other regions.
 
(KNN Bureau)