NPCI and Bank of Namibia collaborated to link UPI system
National Payments Corporation of India (NPCI) and the Bank of Namibia (BoN) have collaborated to assist the former in creating an instant payment system similar to the Unified Payment Interface (UPI) for the latter's nation in Southwest Africa.
The National Payments Corporation of India (NPCI) has collaborated with the Bank of Namibia (BoN) to assist in creating an instant payment system similar to the Unified Payment Interface (UPI) for the South African nation. This collaboration is being carried out with the help of NPCI International Payments (NIPL), which is the international division of NPCI.
In 2023, Namibia released a report titled 'Digital Financing for Sustainable Development' which highlights the challenges, opportunities, and strategies required to develop the digital economy. The report also states that Namibia is open to suggestions for open-source payment systems.
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Speaking on the partnership, Ritesh Shukla, CEO, of NPCI International said, "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.
Through this partnership, the Bank of Namibia will have access to NIPL's cutting-edge technology and insights, paving the way for the establishment of a comparable platform in Namibia for the digital welfare of its populace.
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The partnership aims to modernize Namibia's financial milieu by improving interoperability, affordability, connectivity to local and international payment networks, and accessibility with the help of technology and UPI's experience from India.
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