If everything goes as planned, Indian travelers no longer need to carry paper money, they can easily make payments using QR codes in Nepal.
The Gateway Payment Service Private Limited is all set to begin the cross-border payment system in Nepal. Anu Maity Shakya, marketing head of Gateway Payment Service said, we are all set to launch the program after 3 months.
Gateway Payments Services and Manam Infotech have cooperated with National Payment Corporation (NPCI) and International Payments Limited (NPIL) to launch a Unified Payment Interface (UPI) in Nepal. The interface will allow payments for larger digital transactions. The UPI system safely allows the users to make transactions without displaying their bank account details and can make payments through Payment Service Providers by using the ID and Pin Number.
The Gateway Payment Service was the first company to get a cross-border payment system operator license in Nepal, it got the license in mid-February 2021.
It will be a great relief to Indian travelers as they are restricted to using high denomination Indian Currency notes in Nepal. The government had banned the use of high denomination Indian Currency notes in Nepal as Indian bills were widely being used in Nepal. The ban was applied in December 2018 and has allowed the use of only IRS 100.
Although Indians can enjoy access to Nepali digital payment services, the service isn’t reciprocated yet. Nepalese travelers in India cannot make digital transactions through Indian QR services.
Guru Prasad Poudel, executive director of Nepal Rastra Bank said Nepal currently imposes restrictions on sending money outside the country but it is a priority of the central bank to allow the system for cross-border transactions for citizens of both countries.
