Nepal adopts UPI developed by India for digital transactions

Nepal has adopted the unified payment interface developed by India for digital transactions, a government periodical said in its latest edition.

Earlier this year, Bhutan also launched a BHIM-UPI based payment service for digital transactions, as per the article tweeted by PIB on Thursday.

"Many countries praised the CoWin app, which was created for vaccination during the first COVID period and Nepal has now adopted India's UPI for digital transactions. It will bolster interoperable real-time person-to-person (P2P) and person-to-merchant (P2M) transactions," the article said.

UPI was launched in India in 2016.

According to official data, Bharat Interface for Money-Unified Payments Interface (BHIM-UPI) has emerged as the preferred payment mode of the citizens and has achieved a record of 452.75 crore digital payment transactions with the value of Rs 8.27 lakh crore till February 28, 2022.