In a significant move towards advancing digital payments, NPCI International Payments Limited (NIPL), the international subsidiary of the National Payments Corporation of India (NPCI), has forged an agreement with the Bank of Namibia (BoN) to spearhead the development of an instant payment system like India’s Unified Payment Interface (UPI) for the African nation.
“Through this collaboration, BoN will gain access to best-in-class technology and insights from NIPL, enabling the creation of a similar platform in Namibia for the digital welfare of its citizens,” NIPL said in a release.
The primary objective of this partnership is to establish real-time person-to-person (P2P) and person-to-merchant (P2M) transaction capabilities within Namibia.
Commenting on the alliance, NPCI International’s CEO, Ritesh Shukla, highlighted its potential to grant BoN access to cutting-edge technology and invaluable insights from NIPL. This, in turn, is poised to facilitate the creation of a similar platform in Namibia, fostering digital empowerment among its populace.
Also Read:- Google Pay India inks MoU with NPCI to expand UPI globally
The agreement is strategically designed to enhance the accessibility, affordability, and connectivity of payments, both domestically and internationally. Moreover, it aims to bolster payment interoperability and financial inclusion, particularly targeting underserved demographics.
Johannes Gawaxab, Hon’ble Governor of the Bank of Namibia, said, “Our objective is to enhance accessibility and affordability for underserved populations, achieve full interoperability of payment instruments by 2025, modernize the financial sector, and ensure a secure and efficient National Payment System. This endeavour, aligned with the Bank’s Strategic Plan and NPS Vision and Strategy 2025, deliberately employs a central bank-led approach to minimize infrastructure costs for financial institutions, thereby ensuring the sustainability and affordability of instant payment solutions for end users. This system aims to connect individuals, businesses, and government entities across Namibia, including the payment of social grants, enabling more efficient economic interactions and supporting the growth of digital entrepreneurship.”
Speaking on partnership, Ritesh Shukla, CEO, NPCI International said, “We are proud to join hands with Bank of Namibia to enable the deployment of UPI-like real-time payments system in Namibia for the Digital Public Good of its citizens. We are excited about this partnership, which will enable Namibian citizens to transact instantly leveraging technology and experiences from India’s UPI. By enabling this technology, the country will gain sovereignty in the digital payments landscape and stand to benefit from enhanced payment interoperability and improved financial access for underserved populations. This will also ensure scalability and adaptability to embrace future technological advancements and market demands, thereby propelling economic prosperity in the region.”
This collaborative effort aligns with NPCI’s broader objective of extending the reach of UPI infrastructure globally. Recent milestones include the establishment of UPI services in France, Sri Lanka, Singapore, and Mauritius. Additionally, initiatives such as the UPI-PayNow linkage between India and Singapore underscore NPCI’s commitment to facilitating seamless cross-border transactions.
With this latest endeavour, NPCI continues to reinforce its position as a trailblazer in revolutionising digital payments on a global scale.
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/
