Achi news desk-
Bengaluru: PhonePe today showcased its services powered by the Unified Payments Interface (UPI) platform at a special event held in Kathmandu, Nepal. The event brought together key stakeholders from Nepal’s financial landscape, including senior representatives from the Banking sectors, Payment System Providers, UPI accepting merchants and representatives from business associations. The event was supported by Nepal’s largest payment system operator, Fonepay payment Service Limited which is also NIPL’s counterpart for Nepal.
The event had a keynote address Diwas Sapkota, CEO of FonePay Network, outline the potential of UPI for Nepal’s digital economy. This was followed by an interesting panel discussion on the The impact of cross-border payments on Nepal’s economy and financial landscape. The panel included respected panelists such as Anish Tamrakar – Chief Digital Banking Officer, Kumari Bank, Shraddha Shrestha – Manager, Nepal Tourism Board, Jagdish Khadka – CEO, eSewa, a Vivek Rana – ICT/MIS Consultant, Asian Development Bank (ADB). The panel discussion addressed a range of issues related to cross-border payments and their impact on Nepal’s economy and financial landscape as well as regulatory barriers and compliance requirements in facilitating international transactions. The panelists highlighted UPI’s positive influence on Nepal’s tourism sector, particularly by improving the overall tourist experience through convenient cashless payments. The discussion further explored how cross-border payments impact the revenue streams and business models of financial institutions. In addition, panelists explored the influence of UPI on the user experience in Nepal, focusing on factors such as convenience, interoperability, security and cost-effectiveness. Finally, the talk explored the wider macroeconomic implications of cross-border payments via alternative payment methods that affect underserved small and medium-sized entrepreneurs.
The program concluded with a guided product demonstration Ritesh Pai, CEO International Payments, PhonePe. His presentation gave a comprehensive overview of PhonePe’s journey, highlighting its evolution. The presentation also investigated how PhonePe, powered by UPI fostering a thriving ecosystem, driving the democratization of payments across India. This was followed by a demonstration of solutions that benefit Indian tourists and Nepali traders. Looking similar to the success story of the Indian market, the presentation showed how PhonePe can replicate this success in Nepal.
Nepal is a very popular destination among Indian visitors who can now use UPI to pay at various tourist spots, retail stores, religious sites, and other popular locations. Users simply need to scan QR codes from their favorite UPI-enabled app at merchant locations enrolled in the Fonepay QR scheme in Nepal.
This is facilitated through Fonepay’s partnership with NPCI International Payments Limited (NIPL). Through this partnership, Fonepay has enabled QR code based payments across leading payment service providers, banks and wallets, allowing Indian travelers to use UPI for transactions.
Additionally, in the near future, Nepali tourists and visitors traveling to India will be enabled to use their financial tools like wallet apps to scan the UPI QR code and make payments effortlessly.
Speaking on the sidelines of the event, Ritesh Pai, CEO International Payments, PhonePehe said, “We are delighted to be showcasing UPI powered services in Nepal. This gathering has brought together key players from Nepal’s financial landscape, including Fonepay, leading business figures, and representatives from hospitality and tourism. It is a testament to the collaborative spirit that will ensure the success of UPI in Nepal. We are grateful for their presence and participation today. Nepal is a popular tourist destination, especially for travelers from India. With UPI, Indian tourists can now enjoy the same convenient cashless payment experience they are used to at home, using UPI-powered apps like PhonePe. This will not only improve their travel experience but also encourage digital transactions.”
Addressing the event, Diwas Kumar, CEO of Fonepay Nepal, he said, “This is a moment of immense pride and joy for Fonepay Payment Service Ltd. Our 4 years journey to bring cross border payments in Nepal is finally successful and UPI payment is Live in Nepal. As we introduce UPI payments in partnership with NPCI International, and welcome PhonePe to Nepal, we envision a future where smooth digital transactions drive economic growth and financial inclusion, benefiting merchants and businesses. We extend our heartfelt thanks to the regulators, government agencies for their invaluable support, recognizing innovations and supporting private sector efforts to facilitate Nepal’s journey towards digital transformation. We encourage authorities to foster an ecosystem that embraces and supports innovations, promote partnership with private sector players in technological developments and bring world-class products and services to Nepali consumers”
