SUMMARY

The NPCI has signed a licensing agreement with the Namibian central bank to develop a real-time payments system like UPI

This comes after NPCI’s international arm signed an agreement with the Bank of Namibia to develop a digital payments system over a year ago

To further increase UPI transactions in India, the NPCI is also working on an IoT version which will allow users to make UPI payments via smart devices

The National Payments Corporation of India (NPCI) has signed a licensing agreement with the Namibian central bank to develop a real-time payments platform akin to the Unified Payments Interface (UPI).

During a press briefing on the outcomes of Prime Minister Narendra Modi’s visit to the African nation, Dammu Ravi, secretary in the external affairs ministry, said, “Namibia is the first country in the world where NPCI and the Namibian central bank have entered into a licensing agreement to deploy UPI in Namibia for real-time payments.”

The agreement would enable Namibia to develop a real-time payment system. 

Notably, NPCI’s international arm, NPCI International Payments Limited (NIPL), first signed an agreement with the Bank of Namibia to develop a digital payments system over a year ago.

Under the partnership, the NPCI agreed to offer technology and other insights to the Bank of Namibia to help develop a digital payments system. 

The NPCI has signed agreements with multiple countries as it looks to increase the adoption of UPI across the globe. In September last year, the NIPL partnered with Trinidad and Tobago’s digital transformation ministry for the same. 

Prior to that, it was in discussions with countries in Africa and South America to help them build digital payment systems like the UPI. In July 2024, the NPCI partnered with the UAE’s Network International to allow Indian tourists to use UPI at various outlets in the Gulf nation.

Consequently, UPI payments are now accepted in countries like France, the UAE, Bhutan, Nepal, Singapore, among others. 

Back home, the NPCI continues to take steps to grow UPI as it looks to achieve a target of 1 Bn transactions per day. As part of this, the payments body is working on an IoT version of the real-time payment system which will allow users to make UPI payments via smart devices like smart applicances, wearables, connected cars, among others. 

The number of UPI transactions stood at 18.40 Bn last month, amounting to INR 24.04 Lakh Cr.