Gateway Payments Service, one of 10 licensed payment system operators in Nepal; the National Payments Corporation of India (NPCI), which is owned by the government of India; and Manam Infotech, an Indian financial technology (fintech) firm are partnering to rollout NPCI’s Unified Payments Interface (UPI) in Nepal. Among UPI’s functions is to allow users to control multiple bank accounts from a single mobile app, facilitating payments to merchants as well as among individuals. The rollout in Nepal will allow transactions within the country at first and may be extended to execute cross-border payments in the future. NPCI is participating in the effort through its NPCI International Payments Limited, an entity tasked with implementing UPI and the payment card system RuPay in countries other than India.
Established in 2008, NPCI “operates retail payments and settlements and settlement systems in India.” As of March 2021, NPCI reported 12-month income of INR 12.6 billion (USD 167 million) on assets of INR 36.6 billion (USD 485 million).
Manam, based in the city of Bangalore, works with banks looking to “transform traditional banking delivery channels to digital channels” in Asia, Africa and the Middle East.
By Sheen Gupta, Research Associate
Sources and Additional Resources
NPCI press release
https://www.npci.org.in/PDF/npci/press-releases/2022/NIPL-Press-Release-Gateway-Payment-Service-and-Manam-Infotech-join-hands-to-deploy-UPI-solution-in-Nepal.pdf
Manam Infotech homepage
https://www.manamtech.com/
Nepal Rastra Bank report on payment systems
https://www.nrb.org.np/psd/payment-systems-oversight-report-2077-78-2020-2021/
NPCI 2021 annual report
https://www.npci.org.in/who-we-are/corporate-governance/financials-2020-21
NPCI International Payments Limited webpage
https://www.npci.org.in/who-we-are/group-companies/npci-international
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