Google signs MoU with NPCI to expand UPI Globally: Key things you will be able to use UPI for when travelling abroad

[Abhishek012]

The tech stack looks amazing on paper, hope it delivers when implemented.

All this will take a lot of time, I've been telling about decades here.

They spend 5 years just discussing with other countries. After that, it takes 5 years from getting the license to going live.

Then tie up with other countries all payment companies, banks and add or integrate UPI with local merchants QR codes (International merchant acquiring) etc.

 

[#aniket]

You can create any name or number on your VPA (virtual payment address), by default all banks, UPI apps create your VPA address - <yourmobilenumber>@<bankname>

You can delete or create any other VPA address (for example "abcdefgh@<bankname>") and share with your friends, family or anyone.

In India, UPI P2P is Free for domestic transaction but Cross border will charge some fee but less charges because here US dollar is not involve.

Transactions here will be in local currency - "Indian Rupee(INR)-Nepalese Rupee (NPR)"

If I talk about UPI Nepal P2P domestic transaction fees then it will be decided by Nepal government, Nepal Central bank (Nepal Rastra Bank) and Gateway Payment Service Pvt. Ltd.

Cross-border transaction fees and exchange rate will be mutually decided by the central banks of both countries and the payment system operators.

Most of the time it happens that the charges and exchange rates remains high for first 5 years because it's just for testing.

if everything goes well, all systems operator properly then they will lower the fees and rearrange the exchange rates etc.

Bro I was not referring about India 😐 but it was about Nepal VPA, can be seen in screenshot attached on earlier response.

 

[#aniket]

You can create any name or number on your VPA (virtual payment address), by default all banks, UPI apps create your VPA address - <yourmobilenumber>@<bankname>

You can delete or create any other VPA address (for example "abcdefgh@<bankname>") and share with your friends, family or anyone.

In India, UPI P2P is Free for domestic transaction but Cross border will charge some fee but less charges because here US dollar is not involve.

Transactions here will be in local currency - "Indian Rupee(INR)-Nepalese Rupee (NPR)"

If I talk about UPI Nepal P2P domestic transaction fees then it will be decided by Nepal government, Nepal Central bank (Nepal Rastra Bank) and Gateway Payment Service Pvt. Ltd.

Cross-border transaction fees and exchange rate will be mutually decided by the central banks of both countries and the payment system operators.

Most of the time it happens that the charges and exchange rates remains high for first 5 years because it's just for testing.

if everything goes well, all systems operator properly then they will lower the fees and rearrange the exchange rates etc.

I believe in Nepal, NRB will decide and in India it will be decided my MoF, RBI & NPCI.

Exchange rate is already decided several years ago which is fixed as of now.
₹1= रु 1.60

 

[Abhishek012]

Bro I was not referring about India 😐 but it was about Nepal VPA, can be seen in screenshot attached on earlier response.

You can also change, delete or create a new customize Nepal VPA.

It may happen that they may not give this option initially, but it will come later.

 

[Abhishek012]

I believe in Nepal, NRB will decide and in India it will be decided my MoF, RBI & NPCI.

Yes.

Exchange rate is already decided several years ago which is fixed as of now.
₹1= रु 1.60

Great .

 

[#aniket]

You can also change, delete or create a new customize Nepal VPA.

It may happen that they may not give this option initially, but it will come later.

Yep, this may happen. 😂

But till then Indian Banks are taking time, they can integrate this as well, ok let's see, I will request what will happen, but they become inactive in Social Media these days.😂

 

[Abhishek012]

Yep, this may happen. 😂

But till then Indian Banks are taking time, they can integrate this as well, ok let's see, I will request what will happen, but they become inactive in Social Media these days.😂

Do you have any info about Nepalpay domestic card ?

I heard Nepal govt will launch Nepalpay domestic card. Also possible it will use India's RuPay Card technology.

Recently, UAE also sign a pact with NPCI to development of RuPay Debit/Credit card stack on UAE. UAE's own domestic card but based on RuPay Card technology.

Some wrong articles are also being printed in Nepal that Nepal government will deploy RuPay card in Nepal - https://techsathi.com/nepalpay-card-or-rupay-card

But it is not so, only RuPay card will be accepted in Nepal. I dnt think so RuPay card will deploy in Nepal except cobranded card with SCT Nepal Card.

China Unionpay card already issue in Nepal. Co-branded with SCT Nepal Card.

 

[#aniket]

Do you have any info about Nepalpay domestic card ?

I heard Nepal govt will launch Nepalpay domestic card. Also possible it will use India's RuPay Card technology.

Recently, UAE also sign a pact with NPCI to development of RuPay Debit/Credit card stack on UAE. UAE's own domestic card but based on RuPay Card technology.

Some wrong articles are also being printed in Nepal that Nepal government will deploy RuPay card in Nepal - https://techsathi.com/nepalpay-card-or-rupay-card

But it is not so, only RuPay card will be accepted in Nepal. I dnt think so RuPay card will deploy in Nepal except cobranded card with SCT Nepal Card.

China Unionpay card already issue in Nepal. Co-branded with SCT Nepal Card.

As per my knowledge, there's no such card with the name of NepalPay, rather NepalPay (for QR, instant fund transfer with mobile number and business and others) is on of the product of NCHL as a part of Nepal Payment Switch.

Right now in existing gov of Prachanda, I haven't heard about such things.

I believe International Rupay Card (most probably JCB one) will get accepted but never tried as of now while visiting Nepal & Bhutan but without foreign exchange.

Visa and MasterCard Network work properly here.

 

[Abhishek012]

As per my knowledge, there's no such card with the name of NepalPay, rather NepalPay (for QR, instant fund transfer with mobile number and business and others) is on of the product of NCHL as a part of Nepal Payment Switch.

Right now in existing gov of Prachanda, I haven't heard about such things.

I believe International Rupay Card (most probably JCB one) will get accepted but never tried as of now while visiting Nepal & Bhutan but without foreign exchange.

Visa and MasterCard Network work properly here.

Yes, RuPay domestic card also accept in Bhutan and SBI Nepal bank POS and ATMs.

RuPay domestic card means non-JCB or Discover/Diners variant.

Direct RuPay card network accepted in Bhutan and Nepal (but currently limited places and Banks accept RuPay network).

SBI Nepal bank told - "Currently, all variants of RuPay card is accepted in Nepal SBI Bank PoS machines whereas global variant of RuPay is accepted in Nepal SBI Bank ATM terminals"

 

[#aniket]

Yes, RuPay domestic card also accept in Bhutan and SBI Nepal bank POS and ATMs.

RuPay domestic card means non-JCB or Discover/Diners variant.

Direct RuPay card network accepted in Bhutan and Nepal (but currently limited places and Banks accept RuPay network).

SBI Nepal bank told - "Currently, all variants of RuPay card is accepted in Nepal SBI Bank PoS machines whereas global variant of RuPay is accepted in Nepal SBI Bank ATM terminals"

Yeah, it's true indeed.

The main reason SBI maintains Nepal SBI technicalities and Nepal SBI is a subsidiary co. of SBI (India) as it's formed by the joint venture.

 

[Eye of Ajay]

The refund issue is a problem due to follwup and security reasons but they seem to have made a few additions in the handshake model for int transactions.