India's UPI links with Nepal's National Payments Interface for faster, cheaper remittances

The connection is intended to speed up and lower the cost of cross-border money transfers by linking India's payments rail with Nepal's national system.

Summary

India's UPI (instant payments system) has linked with Nepal's National Payments Interface (digital payments network), a move described as enabling faster and cheaper cross-border remittances. By connecting the two payment rails, the arrangement is intended to make money transfers between India and Nepal more efficient.

Terms & Concepts
  • UPI: India's instant digital payments system.
  • National Payments Interface: Nepal's national digital payments network.
  • Cross-border remittances: Money transfers between different countries.