NPCI signs MoU with Bank of Namibia for the first time at international level to develop payment system similar to UPI

• NPCI International Payments Limited (NIPL), the international division of National Payments Corporation of India (NPCI), has signed a contract with the Bank of Namibia to assist in building an instant payments system similar to India’s Unified Payment Interface.
• This is UPI’s first international contract. With the goal of achieving digital financial inclusion, NIPL will help Namibia implement a new digital payments service for person-to-person and merchant payment transactions in real-time.
• Bank of Namibia Governor Johannes Gwaxb said, “Our objective…is to achieve full interoperability of payment instruments by 2025, modernize the financial sector and ensure a secure and efficient national payments system.
• In January 2024, NPCI announced the launch of UPI-PayNow linkage, Singapore,
• In February 2024, it launched UPI services in France with Lyra and in the same month, UPI services in Sri Lanka and Mauritius.
• UPI
• In the year 2016, NPCI launched UPI with 21 member banks. UPI is a system that powers multiple bank accounts, multiple banking features, seamless fund routing and merchant payments through a single mobile application (of any participating bank). Top UPI apps include PhonePe, Paytm, Google Pay, Amazon Pay and BHIM app.
• Currently UPI is the largest among the systems operated by National Payments Corporation of India (NPCI) including National Automated Clearing House (NACH), Immediate Payment Service (IMPS), Aadhaar Enabled Payment System (AePS), Bharat Bill Payment System (BBPS), RuPay etc.

04 May 2024