NEPAL TO BE THE FIRST FOREIGN COUNTRY TO ADOPT UNIFIED PAYMENTS INTERFACE (UPI).

Why in news?

• National Payments Corporation of India (NPCI) announced that Nepal will be the first foreign country to adopt India’s UPI system.
• It is expected to serve the larger digital public good in Nepal and bolster interoperable real-time person-to-person (P2P) and person-to-merchant (P2M) transactions.
• Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features.
• Key Features of UPI: Instant transfer of funds, bill sharing facility, can be used 24 hours and on all public holidays etc.