Context:
India and Nepal launched a peer-to-peer cross-border remittance mechanism linking India’s UPI with Nepal’s National Payments Interface. It enables real-time, secure and instant money transfers between citizens of both countries.
Explanation:
- UPI is India’s instant real-time payment system developed by NPCI.
- Nepal’s National Payments Interface (NPI) enables interoperable digital payments within Nepal.
- The linkage supports P2P remittances, digital financial connectivity and financial inclusion.
- It benefits migrant workers, travellers, students, businesses and families across the India–Nepal corridor.
- Cross-border payment systems reduce transaction cost, improve speed and formalise remittance flows.
- The initiative reflects Neighbourhood First Policy, digital public infrastructure, fintech cooperation and bilateral economic integration.
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