NPCI’s Bold Expansion: CEO Unveils Ambitious UPI Digital Payment Push in Africa and South America | Transformative Company News
India Engages Africa and South America for Digital Payment Partnerships with UPI Model
UPI | (Photo: Shutterstock)
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Last Updated: Sep 24, 2024, 6:11 PM IST
India is actively negotiating with countries in Africa and South America to assist them in establishing digital payment systems modeled after its Unified Payments Interface (UPI). Two such systems are expected to launch by early 2027, disclosed Ritesh Shukla, CEO of NPCI International Payments Ltd (NIPL), on Tuesday.
The National Payments Corporation of India’s (NPCI) international arm, NIPL, is in advanced discussions with several nations and is nearing an agreement with at least one, noted Shukla. The NPCI, operating under the central bank as a public non-profit entity, oversees UPI, which saw a 41% increase in monthly transactions, reaching nearly 15 billion in August.
NIPL, created to promote the global adoption of India’s payment systems, has engaged with approximately 20 countries in Africa and South America. Earlier this year, NIPL signed agreements with the central banks of Peru and Namibia to develop UPI-like real-time payment systems, set to be launched between late 2026 and early 2027. Talks with Rwanda have also progressed notably, according to sources, though official statements were withheld.
Beyond helping establish payment systems, NIPL aims to integrate UPI with other countries’ real-time payment platforms, such as Singapore’s PayNow. Currently, seven such integrations exist, with several more anticipated.
To bolster its global initiatives, NIPL plans to double its workforce from 60 to 120 by March 2025, with additional staff positioned overseas, complementing its current presence in Singapore and the Middle East, Shukla stated.
First Published: Sep 24, 2024, 5:56 PM IST
Original Story https://www.business-standard.com/companies/news/npci-eyes-africa-south-america-for-digital-payment-push-via-upi-official-124092400915_1.html
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