Nepal will become the first country outside of India to adopt Unified Payments Interface or UPI as the payments platform in the Himalayan nation.
- The adoption of the platform by Nepal is expected to drive the digitalization of cash transactions and furthering the vision and objectives of the Nepal Government and Nepal Rastra Bank as the Central bank.
About UPI
- National Payments Corporation of India NPCI is an umbrella organisation for operating retail payments and settlement systems in India.
- Bharat Interface for Money (BHIM) is a payment app to make simple, easy and quick transactions using the UPI.
- Prime Minister Narendra Modi launched the BHIM UPI App on the 31st December 2016 and urged people to make digital payments a habit to transform the country into a cashless economy.
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