Launch of linkage between Unified Payments Interface (UPI) of India and National Payments Interface (NPI) of Nepal for facilitating remittances; took place during the External Affairs Minister of Nepal visit to India.
About UPI
- Launched: on 11 April 2016 by the National Payments Corporation of India (NPCI).
- Development: UPI is an instant payment system developed by NPCI, under the regulatory oversight of the Reserve Bank of India (RBI).
- Boost to digital economy: UPI captures nearly 85% in India's Digital Payments and 49% of global real-time payments promotes financial inclusion.
- Features:
- Two-Factor Authentication: Secure transactions using a linked mobile number and UPI PIN as dual authentication factors.
- 24/7 and Direct Transfers: Enables instant fund transfers anytime, including weekends and bank holidays. Allows direct payments without beneficiary registration.
- Multiple Bank Accounts: Supports linking and managing multiple bank accounts through a single UPI app.
- Supports Bill and QR Code-Based Payments: Facilitates utility bills, recharges, EMIs, subscriptions, and recurring payments via AutoPay.
- Interoperability: Enables seamless transactions across different banks and UPI-enabled apps.
- Record: UPI transactions are recorded by banks and reflected in bank statements.
- UPI is built over the IMPS (Immediate Payment Service) infrastructure.
- Other Countries UPI is linked: UAE, Singapore, Bhutan, Sri Lanka, France, Mauritius, and Qatar.
- Recently India Launches UPI Payments in Cambodia partially.
Other India-Nepal Initiatives Launched
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