New Delhi: NPCI on Thursday said its overseas arm has signed an agreement with Bank of Namibia (BON) to develop a UPI-like instant payment system for Namibia.
By leveraging technology and experiences from India's UPI, the partnership seeks to help Namibia modernize its financial ecosystem. This includes improved accessibility, affordability and connectivity with both domestic and international payment networks and interoperability.
NPCI International Payments Limited (NIPL) has signed an agreement with Bank of Namibia (BON) to assist in developing an instant payment system like Unified Payment Interface (UPI) for Namibia, it said in a statement.
The strategic partnership aims to enhance digital financial services and promote real-time person-to-person (P2P) and merchant payment transactions (P2M) in the African nation.The statement said that through this collaboration, BON will gain access to best-in-class technology from NIPL's insights, helping Namibia create a common platform for the digital well-being of its citizens.
“By enabling this technology, the country will gain sovereignty in the digital payments landscape and benefit from increased payments interoperability and improved financial access for underserved populations,” said Ritesh Shukla, CEO, NPCI International.
Bank of Namibia Governor Johannes Gwaxb said, “Our objective is to increase access and affordability for disadvantaged populations, achieve full interoperability of payment instruments by 2025, modernize the financial sector and ensure a secure and efficient national payments system.”
Once live, the platform will facilitate digital transactions in Namibia, promoting financial inclusion and reducing dependence on cash by meeting the needs of disadvantaged populations. This collaborative effort seeks to provide essential and affordable financial services to all with a special focus on rural and information sectors.
By leveraging technology and experiences from India's UPI, the partnership seeks to help Namibia modernize its financial ecosystem. This includes improved accessibility, affordability and connectivity with both domestic and international payment networks and interoperability.
NPCI International Payments Limited (NIPL) has signed an agreement with Bank of Namibia (BON) to assist in developing an instant payment system like Unified Payment Interface (UPI) for Namibia, it said in a statement.
The strategic partnership aims to enhance digital financial services and promote real-time person-to-person (P2P) and merchant payment transactions (P2M) in the African nation.The statement said that through this collaboration, BON will gain access to best-in-class technology from NIPL's insights, helping Namibia create a common platform for the digital well-being of its citizens.
“By enabling this technology, the country will gain sovereignty in the digital payments landscape and benefit from increased payments interoperability and improved financial access for underserved populations,” said Ritesh Shukla, CEO, NPCI International.
Bank of Namibia Governor Johannes Gwaxb said, “Our objective is to increase access and affordability for disadvantaged populations, achieve full interoperability of payment instruments by 2025, modernize the financial sector and ensure a secure and efficient national payments system.”
Once live, the platform will facilitate digital transactions in Namibia, promoting financial inclusion and reducing dependence on cash by meeting the needs of disadvantaged populations. This collaborative effort seeks to provide essential and affordable financial services to all with a special focus on rural and information sectors.
