NPCI Partners with Bank of Namibia to Develop UPI-Like Instant Payment System
In a groundbreaking move, NPCI International Payments Limited (NIPL) has joined hands with the Bank of Namibia (BoN) to introduce a real-time payment system akin to India’s Unified Payment Interface (UPI) in Namibia. This partnership marks NPCI’s first collaboration with a central bank for deploying the UPI stack in an international market, aiming to revolutionize digital payments in Namibia.
The agreement focuses on leveraging India’s UPI expertise to enhance accessibility, affordability, and connectivity within Namibia’s financial ecosystem. By providing BoN access to cutting-edge technology and insights from NIPL, the initiative aims to create a robust platform for digital transactions, driving financial inclusion and modernization in Namibia.
Through this strategic partnership, Namibia stands to gain sovereignty in the digital payments landscape, ensuring enhanced payment interoperability and improved financial access for underserved populations. The collaboration is geared towards scalability and adaptability to embrace future technological advancements, propelling economic prosperity in the region.
This initiative follows NPCI’s global expansion efforts, including the recent launch of the UPI-PayNow linkage facilitating remittances between India and Singapore. NPCI’s endeavors in France, Sri Lanka, Singapore, and Mauritius underscore its commitment to extending UPI’s reach internationally, fostering seamless cross-border transactions and financial integration.
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