The NPCI Board, in collaboration with the RBI, recently unveiled NPCI International Payments Limited (NIPL). In an announcement made on Thursday, NIPL revealed its partnership with the Bank of Namibia (BoN) aimed at aiding the development of a Unified Payment Interface (UPI)-like instant payment system for Namibia.Partnership for ModernizationThe primary objective of this collaboration is to support Namibia in modernizing its financial landscape by leveraging Indias UPI technology and expertise. This includes initiatives to enhance accessibility, affordability, and connectivity with both domestic and international payment networks, focusing on promoting interoperability.Ritesh Shukla, CEO of NPCI International, emphasized the significance of this technology transfer, stating, 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.Facilitating Digital Financial ServicesNPCIs partnership with BoN intends to bolster digital financial services, particularly facilitating real-time Person-to-Person (P2P) and Merchant payment transactions (P2M) within India. BoN will gain access to NIPLs advanced technology and insights, fostering the creation of a similar digital platform in Namibia to enhance the digital well-being of its citizens.Johannes Gawaxab, Governor of the Bank of Namibia, expressed the strategic importance of this initiative, aligning it with the Banks Strategic Plan and NPS Vision and Strategy 2025. He highlighted the central bank-led approach to minimize infrastructure costs for financial institutions, ensuring sustainable and affordable instant payment solutions for end-users.Driving Financial InclusionThe operationalization of this platform in Namibia is expected to revolutionize digital transactions, driving financial inclusion and reducing cash dependency, especially among underserved populations.Amidst these developments, recent data from the National Payments Corporation of India (NPCI) indicates a marginal 1 percent decrease in Unified Payments Interface (UPI) transactions, from 1,344 crore in March to 1,330 crore in April. However, year-on-year, there was a substantial 50 percent increase in transaction count. The transaction volume in April totaled Rs 19.64 lakh crore, reflecting a slight decline from Rs 19.78 lakh crore in March, yet witnessing a robust 40 percent year-on-year growth.
