Kathmandu. Nepal’s digital payments network PhonePe has achieved a historic milestone towards regional financial inclusion. According to the company, cross-border UPI transactions through phonepe network have crossed 10 lakh.

According to the company, more than Rs 2 billion has been transacted so far. This has taken the convenience of Indian users to make safe, easy and real-time payments in Nepal to a new height.

According to the company, the use of digital payment technology has increased rapidly while making cross-border payments by Indian tourists in Nepal. “More and more Indian customers have started making easy payments through PhonePe QR using UPI enabled apps. The success of this interoperable system reflects a growing trust in the digital medium in cross-border travel, business, and personal spending,” the company said in a statement.

The geographical reach of UPI transactions has reached all 77 districts. According to the company, more than 100,000 traders use it across the country.

It is more commonly used in restaurants, grocery stores and hotels and resorts. According to the company’s data, phonepe UPI transactions have increased especially in Kathmandu, Kaski and Kailali.

Diwas Kumar, CEO of PhonePe, said that the cross of one million UPI transactions is a testament to the trust and acceptance shown by Indian customers in Nepal towards digital payments. This milestone clearly shows that Indian customers are paying with ease and confidence towards the PhonePe network.

“This not only reaffirms our trust in our network, but also our commitment to an integrated future for the entire regional digital economy,” he said. ’

According to the company, the main reasons for the increase in UPI transactions are increasing acceptance among traders, the growth rate of tourists visiting Nepal and the ease of interoperable QR payment system. PhonePe plans to further improve cross-border payment features and user experience soon by advancing digital innovation.