UPI in Other Countries: NPCI will now prepare an instant payment system like UPI in this country..
NPCI has signed an agreement with the Bank of Namibia (BON) to develop an instant payment system like UPI in Namibia. There has been a rise in UPI in India.
In such a situation, NPCI now wants to help Namibia in modernizing its financial ecosystem. This includes improving access, affordability, and connectivity with both domestic and international payment networks and interoperability.
NPCI International Payments Limited (NIPL) has signed an agreement with the Bank of Namibia (BON) to assist in developing an instant payment system such as Unified Payment Interface (UPI) for Namibia, it said in a statement.
This strategic partnership aims to enhance digital payment services in the African nation and promote real-time person-to-person (P2P) and merchant payment transactions (P2M).
Through this collaboration, BON will get access to best-in-class technology and insights from NIPL. This will enable Namibia to create a common platform for the digital well-being of its citizens.
NPCI International CEO Ritesh Shukla said
By enabling this technology, the country will gain sovereignty over the digital payments landscape and benefit from increased payment interoperability and improved financial access for underserved populations.
Bank of Namibia Governor Johannes Gwaxb said
We aim to increase access and affordability for underserved populations, achieve full interoperability of payment instruments by 2025, modernize the financial sector, and ensure a secure and efficient national payments system.
What is the purpose
Once live, the payment platform will facilitate digital transactions in Namibia. Will boost the financial ecosystem and reduce cash dependence by catering to the underprivileged population. This collaborative effort seeks to provide essential and affordable financial services to all, with a special focus on rural and informal sectors.
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