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Namibia joins India’s UPI technology

The Bank of Namibia has asked NPCI International Payments to help the southern African country develop an instant payments system based on India’s hugely successful UPI.

Namibia will leverage the technology and expertise behind India’s UPI to develop real-time merchant and P2P payments. NIPL says it will help Namibia modernize its financial ecosystem, boosting the accessibility, affordability and connectivity of domestic and international payment networks.

Launched in 2016, UPI has been instrumental in India’s efforts to use digital payments to drive financial inclusion and has now handled more than 100 billion transactions.

NPCI’s international subsidiary was set up in 2020 to boost UPI, as well as the RuPay card network, outside India. Earlier this year, the unit struck a deal with Nepal’s largest payments network and also joined forces with Google Pay to accelerate global expansion.

Johannes Gawaxab, Governor of the Bank of Namibia, says: “We aim to improve accessibility and affordability for underserved populations, achieve full interoperability of payment instruments by 2025, modernize the financial sector and ensure a secure national payments system. and efficient.

“This effort, 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 banking solutions. Instant payment for end users.

“This system aims to connect people, businesses and government entities across Namibia, including the payment of social grants, enabling more efficient economic interactions and supporting the growth of digital entrepreneurship.”