In a move to boost trade and tourism between Nepal and India, the two nations are set to sign an agreement for cross-border digital payment using e-wallets.
The agreement is expected to be signed during Prime Minister Pushpa Kamal Dahal’s visit to India before mid-April.
Agreement Awaiting Signatures
According to reports in the Kathmandu Post, the two countries have already drafted an agreement for this purpose, and the document is awaiting signatures from both countries’ officials. This move is aimed at eliminating currency exchange hassles between the two countries.
New Delhi’s Ambassador to Kathmandu, Naveen Srivastava, announced that the proposed Indian digital payment service in Nepal would help boost Nepal’s travel and tourism industry.
An overland Indian visitors’ survey conducted before the Covid-19 pandemic showed that the average length of stay of Indian tourists coming overland was 5.8 days, with an average expenditure of Rs 11,310 per visitor.
Also Read: Countries That Adopted India’s UPI For Digital Payments
Advantages of Travelling to Nepal
According to reports, one of the benefits of visiting Nepal is that one does not need to change money, and the launch of digital payment services will eliminate the hassle of carrying large amounts of cash for Indian tourists and businessmen in Nepal.
This move is expected to increase the number of Indian tourists visiting Nepal and boost the country’s economy.
Cross-Border Payment System
Last May, payment system operator Gateway Payment Service began a cross-border payment system for the first time in Nepal, based on interoperable and mobile-first technology
The National Payment Corporation of India and its international arm, International Payments, have joined hands with Gateway Payment Service and Manam Infotech to deploy a unified payment interface in Nepal.
In conclusion, the launch of the cross-border digital payment system is expected to be a significant development in the trade and tourism sectors of Nepal and India. The elimination of currency exchange hassles is expected to attract more tourists and businessmen, leading to increased trade between the two countries.
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