Nepal’s Fonepay Payment Service and NPCI International Payments signed an agreement

Mar 13, 2024 #Bank_PO, #BPSC, #Current_Affairs, #DSSSB, #Railway, #SSC, #WBPSC

Nepal’s Fonepay Payment Service and NPCI International Payments signed an agreement.
The agreement is for cross-border UPI transactions between India and Nepal.
The agreement will facilitate QR-code-based, person-to merchant (P2M) UPI transactions between India and Nepal.
In the first phase, Indian consumers will be able to make UPI payments across business stores in Nepal to merchants on the Fonepay Network.
Fonepay is a Payment System Operator (PSO). It is a subsidiary of the F1Soft Group.
It is regulated by Nepal Rastra Bank (NRB). It is Nepal’s first mobile payment network, which is licensed as a PSO.
A week ago, NPCI International signed a MoU with Greece-based Eurobank S.A.
This MoU was signed to streamline cross-border payments between Greece to India using UPI.