Date : 19 Feb 2022
Nepal Govt to Adopt India's Unified Payments Interface as Payments PlatformTags :
Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests
Why in News?
- The Himalayan nation Nepal will become the first country outside of India to adopt Unified Payments Interface or UPI as the payments platform.
- National Payments Corporation of India (NPCI) is an umbrella organisation for operating retail payments and settlement systems in India.
- Bharat Interface for Money (BHIM) is a payment app to make simple, easy and quick transactions using the UPI.
- The BHIM UPI App was launched on the 31st December 2016
- PM Modi urged people to make digital payments a habit to transform the country into a cashless economy.
- The platform has seen an increase in popularity especially during the COVID-19 pandemic.
- The adoption of the platform by Nepal is expected to drive the digitalization of cash transactions and furthering the vision and objectives of the Nepal Government and Nepal Rastra Bank as the Central bank.
- NIPL said that the collaboration will enable the last-mile consumers in Nepal to reap the benefits of an open interoperable payments system driving immediate payment transfers between bank accounts and merchant payments in real-time.