Now in Nepal, payments can be made through digital wallets like Paytm and Google Pay. Nepal-based Gateway Payment Services Pvt. Ltd. will launch such service through Unified Payment Interface Nepal.
For that, Gateway Payment Services Pvt. Ltd. has entered into agreements with India-based NPCI International and Manam Infotech. With this agreement, the way is now open for the operation of an interconnected payment network between various banks and financial institutions, and payment service providers of the two countries.
At the same time, arrangements are being made to immediately transfer money to any bank account and digital wallet account in Nepal through digital wallets including Paytm, Google Pay, PhonePay, BharatPay which are prevalent in India. After the launch of this service, Indian citizens and Nepali citizens living in India will be able to pay by scanning Fone Pay and other QRs when they come to Nepal.
In addition to this, Nepali citizens can pay by scanning the QR code in Nepal through e-services, wallets, wallets like IME Pay and mobile banking. Praveen Regmi, general manager of Gateway Payment Services Pvt.
"NPCI plans to gradually launch all its services in India," he said. Gateway Payment Services Pvt. Ltd. has obtained a payment system operator license from Nepal Rastra Bank.
The agreement was signed by Kamal Nath Pradhan, chairman of the company, Riteish Shukla, CEO of India-based Unified Payment Interface (UPI), and NPCI International, promoted by Reserve Bank of India, and Nagababu Ramineni, director of Indian fintech company Infotech.
Regmi, general manager of Gateway Payment Services Pvt. Ltd., said that the company has already received approval from Nepal Rastra Bank for international (crush-border) transactions.
At present, customers of Nepal SBI and Everest Bank have the facility to withdraw money using their ATM cards in both Nepal and India. But it will also be the first online payment and digital wallet.