PhonePe showcases its services at Nepal event

PhonePe India showcased its services, powered by the Unified Payments Interface (UPI) platform, at a special event in Kathmandu, Nepal, recently. The event brought together key stakeholders from the Nepalese financial landscape, including senior representatives from the banking sector, payment system providers, UPI-accepting merchants, and representatives from business associations.

It was supported by Fonepay Payment Service Limited, Nepal’s largest payment system operator.

The event began with a keynote address by Diwas Sapkota, CEO of FonePay Network, outlining the potential of UPI for Nepal's digital economy. This was followed by an engaging panel discussion on the influence of cross-border payments on Nepal’s economy and the financial landscape.

The panel included Anish Tamrakar, Chief Digital Banking Officer, Kumari Bank; Shradha Shrestha, Manager, Nepal Tourism Board; Jagdish Khadka, CEO, eSewa; and Vivek Rana, ICT/MIS Consultant, Asian Development Bank (ADB).

The panellists discussed issues related to cross-border payments and their impact on Nepal's economy and financial landscape as well as regulatory hurdles and compliance demands in facilitating international transactions. They highlighted the positive influence of UPI on Nepal's tourism sector, particularly in enhancing the overall tourist experience through convenient cashless payments.

The impact of cross-border payments on revenue streams and business models of financial institutions were also discussed. The panellists examined the influence of UPI on the consumer experience in Nepal, focusing on factors like convenience, interoperability, security, and cost-effectiveness. The conversation finally delved into the broader macroeconomic implications of cross-border payments through alternative payment methods impacting underserved small and medium-scale entrepreneurs.

The programme culminated in a product showcase led by Ritesh Pai, CEO of International Payments, PhonePe. His presentation provided a comprehensive overview of PhonePe's journey and evolution, focusing on how the company, powered by UPI, fosters a thriving ecosystem and is driving the democratisation of payments across India. A demonstration of solutions that benefit Indian tourists and Nepalese merchants followed. Drawing parallels with the Indian market success story, the presentation illustrated how PhonePe can replicate this success in Nepal.

Nepal is a very popular destination among Indian visitors who can now use UPI to pay at various tourist spots, retail stores, religious sites, and other locations. Users need to scan QR codes from their preferred UPI-enabled app at a merchant location enrolled in Fonepay QR scheme in Nepal. This is facilitated through Fonepay’s partnership with NIPL.

Through this partnership, Fonepay has enabled QR-code-based payments across payment service providers, allowing Indian travellers to use UPI for transactions.

Ritesh Pai, CEO, International Payments, PhonePe, said, “We're thrilled to be showcasing services powered by UPI in Nepal. This gathering has brought together key players from Nepal’s financial landscape, including Fonepay, leading business figures, and representatives from hospitality and tourism. It's a testament to the collaborative spirit that will ensure UPI's success in Nepal.

Nepal is a popular tourist destination, particularly for travellers from India. With UPI, Indian tourists can now enjoy the same convenient cashless payment experience they're accustomed to back home, using UPI-powered apps such as PhonePe. This will not only enhance their travel experience but also encourage digital transactions.”

Tourists and visitors from Nepal travelling to India will also be able to utilise their financial instruments like wallet-based apps to scan the UPI QR code and make payments effortlessly.

Diwas Kumar, CEO, Fonepay Nepal, said, “This is a moment of immense pride and joy for Fonepay Payment Service Ltd. Our four-year journey to bring cross-border payments to Nepal is finally successful and UPI payment is live in Nepal. As we introduce UPI payments in partnership with NPCI International, and welcome PhonePe to Nepal, we see a future where smooth digital transactions boost economic growth and financial inclusion, benefiting merchants and businesses.”

Extending his gratitude to regulators and government agencies, Kumar urged authorities to foster an ecosystem that “embraces and supports innovations, promotes partnership with private sector players in technological advancements, and bring state-of-the-art products and services to Nepalese consumers.”

*Disclaimer- This is a press release by Phonepe that YourStory has published. YourStory is not responsible for any statements or claims in the above article. *