India-Nepal set to launch digital payment gateway in February 2024, confirms Indian Envoy

Dec 23, 2023

Kathmandu (Nepal), Dec 23 (ANI): Indian Ambassador Naveen Srivastava announced on Friday that the digital payment gateway between India and Nepal is expected to start in the first phase from the end of February 2024. Ambassador Srivastava made the announcement referring to the agreement between NPCI and NCHL, which was signed during the visit of Nepali PM Pushpa Kamal Dahal to India earlier this year. The Indian envoy affirmed hope that by the end of February 2024 end, the NPCI and NCHL payment system will start, which will allow people to people cross-border payments on an instant basis. Ambassador Srivastava made the address during the inaugural session of Nepal BFSI (Banking, Financial Service and Insurance Summit) organized by the India-Nepal Center of the PHD Chamber of Commerce and Industry (PHDCCI) on Friday. Earlier in June, the NPCI International Payments Limited (NIPL) and Nepal Clearing House Limited (NCHL) had joined hands to facilitate cross-border digital payments between India and Nepal by integrating the Unified Payments Interface (UPI) of India and National Payments Interface (NPI) of Nepal. The National Payment Corporation of India and its international arm International Payments had joined hands with Gateway Payment Service and Manam Infotech to deploy the UPI system in Nepal. The unified payment interface is a real-time payment system that provides person-to-person and person-to-merchant transactions simply, safely and securely in India.