NPCI International Payments Partners with Bank of Namibia to Develop UPI-like Instant Payment System

NPCI International Payments (NIPL), the international arm of the National Payments Corporation of India (NPCI), has signed an agreement with the Bank of Namibia (BoN) to support the development of an instant payment system similar to India's Unified Payment Interface (UPI) for the Southwest African country. The collaboration aims to modernize Namibia's financial ecosystem, improve accessibility and affordability of payment systems, and foster inclusive economic growth.

Under the partnership, the Bank of Namibia will leverage technology and insights from India's successful UPI platform to create a comparable system tailored to Namibia's needs. The new instant payment system will connect individuals, businesses, and government entities across the country, facilitating digital transactions, reducing cash dependency, and improving financial access for underserved populations.

Why this matters: The development of a UPI-like instant payment system in Namibia represents a meaningful advancement towards financial inclusion and digital transformation in the country. By leveraging India's expertise and technology, Namibia aims to enhance its financial infrastructure, drive economic growth, and improve the lives of its citizens through accessible and affordable digital payment solutions.

Ritesh Shukla, CEO of NIPL, expressed enthusiasm for the partnership, stating, "We are excited to collaborate with the Bank of Namibia in their mission to modernize the country's financial landscape. By sharing our experience and technology behind India's UPI, we aim to support Namibia in creating a robust, inclusive, and efficient instant payment system that benefits all segments of society."

The Bank of Namibia has emphasized the importance of this initiative in driving financial inclusion and economic development. The instant payment system is expected to cater to the needs of both urban and rural populations, with a particular focus on the informal sector and underserved communities. By enabling seamless digital transactions and reducing reliance on cash, the system aims to enhance financial access, convenience, and security for Namibian citizens.

The collaboration between NPCI International Payments and the Bank of Namibia underscores the growing global interest in adopting India's UPI model for instant payments. Several countries, including Singapore, Bhutan, and the United Arab Emirates, have already partnered with NIPL to implement UPI-based payment systems, recognizing the platform's success in driving financial inclusion and digital adoption in India.

As Namibia embarks on this transformative process, the development of the instant payment system is expected to catalyze innovation, entrepreneurship, and economic growth in the country. The partnership with NIPL and the adoption of UPI-like technology signify Namibia's commitment to embracing digital solutions and creating a more inclusive and dynamic financial ecosystem for its citizens.

Key Takeaways

• NPCI's international arm NIPL partners with Bank of Namibia to develop UPI-like payment system.
• The new instant payment system aims to modernize Namibia's financial ecosystem and drive financial inclusion.
• Namibia will leverage India's UPI expertise and technology to create a tailored solution for its needs.
• The partnership represents growing global interest in adopting India's UPI model for instant payments.
• The new system is expected to catalyze innovation, entrepreneurship, and economic growth in Namibia.