Nepal, India to sign cross-border digital payments deal to boost trade and tourism
Nepal and India are set to sign an agreement for cross-border digital payments using e-wallet, which is expected to boost trade and tourism by eliminating currency hassles.
The deal is expected to be signed during Prime Minister Pushpa Kamal Dahal’s visit to India sometime this month, according to Nepali media reports.
The accord will allow Indian tourists in Nepal to make digital payments using Indian e-wallets like BharatPe, PhonePe, Google Pay and Paytm.
According to the reports, the two neighbours have chalked out an agreement for this purpose, and the document is awaiting signatures from both countries’ officials.
New Delhi’s Ambassador to Kathmandu, Naveen Srivastava said at a recent programme that the proposed Indian digital payment service in Nepal would boost its 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. The average expenditure per visitor was INR 11,310.
According to Indian media reports, the advantage of travelling to Nepal is that one did not need to change money.
Tourism entrepreneurs say that the launch of digital payment services will eliminate the hassle of carrying large amounts of cash for Indian tourists and businessmen in Nepal. (Source Business Standard)