India and Nepal launch instant UPI cross border payments
Business
India and Nepal just rolled out a real-time payment system that lets people send money instantly between the two countries using mobile numbers, UPI IDs, or virtual payment addresses.
Built by NPCI International and Nepal Clearing House, this new setup connects India's UPI network with Nepal's payments system.
India Nepal transfers without bank details
Now, sending cash for things like family expenses or tuition is super simple: no need to share bank details.
Indians can send money to Nepal using just a phone number or VPA, and Indian users in Nepal can remit money back to India through UPI IDs.
The service is currently available through select banks, with plans to expand to more institutions over time, making cross-border payments faster and lower-cost.