NPCI International Payments Limited Partners With Bank of Namibia To Develop UPI-Like Instant Payment System
The partnership aims to assist Namibia modernise its financial ecosystem by leveraging India's UPI technology and experience. This includes improving accessibility, affordability, connectivity with both domestic and international payment networks, and interoperability.
New Delhi, May 2: NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), on Thursday said that it partnered with the Bank of Namibia (BoN) to support them in developing a Unified Payment Interface (UPI)-like instant payment system for the country.
The partnership aims to assist Namibia modernise its financial ecosystem by leveraging India's UPI technology and experience. This includes improving accessibility, affordability, connectivity with both domestic and international payment networks, and interoperability. UPI Transactions in April 2024 Drop to 1,330 Crore, 1% Down From 1,344 Crore in March.
"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," Ritesh Shukla, CEO, NPCI International, said in a statement.
Moreover, NPCI said that this collaboration aims to improve digital financial services and support real-time Person-to-Person (P2P) and Merchant payment transactions (P2M) in the country. This partnership will also allow BoN to gain access to best-in-class technology and insights from NIPL, enabling the creation of a similar platform in Namibia for the digital welfare of its citizens. Microsoft Announces To Invest USD 2.2 Billion To Fuel New Cloud and Artificial Intelligence Infrastructure in Malaysia.
"This endeavour, aligned with the Bank's Strategic Plan and NPS Vision and Strategy 2025, deliberately employs a central bank-led approach to minimize infrastructure costs for financial institutions, thereby ensuring the sustainability and affordability of instant payment solutions for end users," said Johannes Gawaxab, Governor of the Bank of Namibia. Once operational, the platform will enable digital transactions in Namibia, prompting financial inclusion and reducing cash dependency by catering to underserved populations.
(The above story first appeared on LatestLY on May 02, 2024 05:05 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).