India, Nepal launch UPI-based cross-border money transfer system: How can users send funds instantly?

In a significant step towards strengthening digital connectivity and financial integration, India and Nepal have launched a UPI-based cross-border money transfer system, allowing people in both countries to send and receive money instantly through mobile applications and digital wallets. The Ministry of Finance announced on Thursday that the new Person-to-Person (P2P) cross-border remittance facility became operational on June 6. The initiative is aimed at making payments and money transfers easier for people living near the India-Nepal border, business communities and travellers moving between the two countries.