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NPCI and Fonepay’s Cross-Border Payment Agreement

Published on March 09, 2024
Current Context: NPCI International Payments (NIPL), the international arm of National Payments Corporation of India (NPCI), has entered into an agreement with Nepal-based payment network Fonepay Payment Service for cross-border UPI transactions between India and Nepal on 8th March 2024.
NPCI and Fonepay’s Cross-Border Payment Agreement
  • This arrangement will facilitate QR-code-based, person-to-merchant (P2M) UPI transactions between the two countries.
  • In the first phase, Indian consumers will be able to make instant, secure, and convenient UPI payments across various business stores in Nepal to merchants on the Fonepay Network.
  • This cross-border payment solution is expected to significantly improve economic ties, commerce, and tourism between the two nations, eventually promoting economic prosperity and progress.
  • The agreement comes after the Reserve Bank of India (RBI) and Nepal Rastra Bank (NRB) signed the Terms of Reference on the integration of the UPI of India with the National Payments Interface (NPI) of Nepal for cross-border remittances.

Question:

Q.1 Who has NPCI International Payments (NIPL) entered into an agreement with for cross-border UPI transactions between India and Nepal?
a. Paytm Payment Service
b. Fonepay Payment Service
c. Google Pay Service
d. PhonePe Payment Service
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