India and Nepal are gearing up for a major digital payment breakthrough, set to kick off by February 2024. Indian Ambassador Naveen Srivastava shared this exciting news on Friday, revealing the anticipated launch of a digital payment gateway between the two nations.

This significant development stems from an agreement inked between the National Payments Corporation of India (NPCI) and Nepal Clearing House Ltd (NCHL) during Nepali PM Pushpa Kamal Dahal's visit to India earlier in the year.

Addressing the public, Ambassador Srivastava highlighted the global fintech revolution, particularly emphasizing India's leading role in digital payments with innovations like the Unified Payment Interface (UPI). He underlined the vast potential for collaboration between India and Nepal within this burgeoning fintech landscape.

The envoy recalled the successful launch of the RuPay card in Nepal the previous year, crediting Ambassador Manjeev Singh Puri for initiating this process. Building upon this milestone, Srivastava emphasized the joint efforts of Governor Maha Prasad Adhikari and the Finance Minister during PM Prachanda's visit to India. They facilitated the signing of a crucial Memorandum of Understanding (MoU) between NPCI and NCHL to initiate and implement cross-border digital payments.

Expressing optimism, the Indian envoy projected the commencement of the NPCI and NCHL payment system by the end of February 2024. This system aims to facilitate instant cross-border transactions, benefitting individuals on both sides of the border.

Ambassador Srivastava delivered this announcement during the opening session of the Nepal BFSI (Banking, Financial Services, and Insurance) Summit. The summit, organized by the India-Nepal Center of the PHD Chamber of Commerce and Industry (PHDCCI), marks a pivotal moment in fostering financial cooperation and technological advancements between the two nations.

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