Jun 25, 2024

Machhapuchchhre Bank partnered with Clearing House and Fonepay for cross-border payments

Machhapuchchhre Bank partnered with Clearing House and Fonepay for cross-border payments

KATHMANDU:Machhapuchchhre Bank has reached an agreement with Nepal Clearing House and FonePay Pvt Ltd to facilitate cross-border payments between Nepal and India.

Additionally, Indians visiting Nepal from India would be able to make payments using UPI apps instantly after acquiring products and services.

The bank has teamed with FonePay to accept Person to Merchant (P2M) payments. Merchants on the Bank's FonePay network will now be able to accept UPI payments. It has eliminated the need for monetary transactions.

In a separate deal, the bank has joined with Nepal Clearing House to facilitate cross-border payments and remittances. Along with this, Indians in Nepal will be able to transfer funds straight to UPI-linked accounts. Rastra Bank had already paved the way for such facilities.

According to the central bank's circular, Indians with salary accounts with Nepali Bank can send INR15,000 daily and INR 1 lakh monthly.

Similarly, Nepalese in India can utilize UPI-enabled apps to transfer funds to the UPI handle link account at Machhapuchchhre Bank in Nepal. Nepali account holders can transfer up to Rs 2 lakh at a time. Similarly, clients can send up to Rs 50,000 in each transaction. According to the bank, money can be sent twelve times per year.

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