Nepal first country on India’s UPI platform

Nepal will be the first country to adopt India’s UPI system

Team Ambitiousbaba are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is “Nepal first country on India’s UPI platform

Nepal is going to be the first country to take India’s UPI system. As per an umbrella entity the National Payments Corporation of India, It will turn a pivotal role in transforming the digital economy of the neighboring country.

NPCI International Payments Ltd (NIPL), the international arm of NPCI, has partenered forthe services in Nepal with Gateway Payments Service (GPS) and Manam Infotech.

GPS is the authorized payment system operator in Nepal while Manam Infotech will distribute Unified Payments Interface (UPI) in Nepal.

The collaboration will function as the larger digital public good in Nepal and accelerate interoperable real-time person-to-person (P2P) and person-to-merchant (P2M) transactions in the neighboring country.

First country in the world:

Nepal shall be the first country in the world which will adopt UPI as the payments platform driving the digitalization of cash transactions and furthering the vision and objectives of the Nepal Government and Nepal Rastra Bank as the Central bank.

This collaboration will provide the services to the last-mile consumers in Nepal which might be the benefits of an open interoperable payments system driving immediate payment transfers between bank accounts and merchant payments in real-time.

Transaction data about UPI:

Around 3,900 crore financial UPI transactions valuing USD 940 billion in 2021 which is equal to approximately 31 per cent of India’s GDP.

Benefits:

It will assist in modernize Nepal’s digital payment infrastructure and lend the convenience of digital payments to citizens of Nepal.

Data about Nepal:

Population in Nepal is about 30 million (3 crore) in which around 45 per cent banked. Mobile penetration of over 135 per cent with 65 per cent of the population using smart phones gives fundamentals for the digital revolution in India to be repeated in Nepal.

 

Question & Answer:

Q1. Which Country is going to adopt the India’s UPI platform?

Ans. Nepal

Q2. Who is the Prime Minister of Nepal?

Ans. Sher Bahadur Deuba

Q3. What is the number of Nepal in term of adoption of India’s UPI platform?

Ans. 1st

Q4. Who is the chairman of NPCI?

Ans. Shri Biswamohan Mahapatra

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