NPCI Partners Bank of Namibia to Develop UPI Like Payment System

Mumbai: NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), has signed an agreement with the Bank of Namibia (BoN) to support them in developing an instant payment system like Unified Payment Interface (UPI) for Namibia.

By leveraging technology and experiences from India’s UPI, the partnership seeks to help Namibia modernize its financial ecosystem. This includes improving accessibility, affordability, connectivity with both domestic and international payment networks, and interoperability.

This strategic partnership aims to enhance digital financial services and bolster real-time Person-to-Person (P2P) and Merchant payment transactions (P2M) in the African nation. This collaborative effort seeks to offer essential and affordable financial services to all, with a particular focus on rural and informal sectors.

The robust security features inherent in the UPI platform not only promise to instill confidence among users and stakeholders but also ensure scalability for future technological advancements and market demands. Through this collaboration, BoN will 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.