NPCI International Payments Limited (NIPL) has achieved a major milestone by surpassing 100,000 cross-border Unified Payments Interface (UPI) Person-to-Merchant (P2M) transactions in Nepal, the NIPL said in a statement.
NIPL is an international arm of the National Payments Corporation of India (NPCI). NIPL collaborated with Fonepay, Nepal's largest payment network, to launch the cross-border P2M UPI acceptance in March 2024.
Supported by a Mobile-based real-time payment system, UPI is already widely accepted in several countries, including Bhutan, France, Mauritius, Singapore, Sri Lanka, and the UAE, making it one of the largest real-time payment platforms globally.
In addition to UPI, NIPL has also partnered with Nepal SBI Bank Limited (NSBL) to operationalise RuPay cards in Nepal, further enhancing cross-border financial transactions between the two countries, as per the statement.
As reported by the NPCI, payments through the UPI have recorded a 45 per cent yearly growth. The value of transactions also saw a growth of over 35 per cent, totalling ₹20.64 trillion.
This marks the third consecutive month when total transactions exceeded Rs 20 trillion.In June 2024, the total UPI transaction value was ₹20.07 trillion, while in May it was ₹20.44 trillion.
As per the data, the average daily transaction value through UPI in July 2024 was ₹466 million, or about ₹66,590 crore.
Underscoring the success of UPI, the Reserve Bank of India (RBI) in its monthly bulletin noted that UPI transactions have seen a ten-fold increase in volume, from 12.5 billion transactions in 2019-20 to 131 billion transactions in 2023-24, which accounts for 80 per cent of the total digital payment volumes.
Unified Payments Interface (UPI) transactions experienced substantial growth, increasing by 57 per cent year-on-year in FY24.Within this segment, PhonePe and Google Pay dominated, holding a combined market share of 86 per cent, according to the Boston Consulting Group (BCG) Banking Sector Roundup for 2023-24.