Correct Answer : Namibia
NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), on Thursday (2nd May 2024) entered into an agreement with the Bank of Namibia (BoN) for developing an instant payment system like Unified Payment Interface (UPI) for the African nation.
This partnership marks NPCI’s first-ever collaboration with a central bank to deploy the UPI stack in an international market.
The collaboration is aimed at developing real-time person-to-person (P2P) and person-to-merchant (P2M) transactions in Namibia.
“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,” NIPL said in a release.
The agreement aims at improving accessibility, affordability, connectivity with both domestic and international payment networks, and interoperability of payments.
“By enabling this technology, the country will gain sovereignty in the digital payments landscape and stand to benefit from enhanced payment interoperability and improved financial access for underserved populations. This will also ensure scalability and adaptability to embrace future technological advancements and market demands, thereby propelling economic prosperity in the region,” said Ritesh Shukla, chief executive officer (CEO), NPCI International.