 "India’s UPI seeks global expansion, negotiating digital payment systems in Africa and South America, aiming for launches by 2027.")
India is actively working with several countries in Africa and South America to establish digital payment systems based on its successful Unified Payments Interface (UPI) model. Ritesh Shukla, CEO of NPCI International Payments Ltd, announced that two projects are expected to launch by early 2027, following agreements with Peru and Namibia earlier this year. The National Payments Corporation of India (NPCI), which manages UPI, aims to expand its influence by assisting these nations in developing real-time payment systems. Additionally, they are exploring partnerships to connect UPI with other countries’ payment systems, including Singapore’s PayNow. The NPCI also plans to expand its team to enhance global operations by March 2025.
India is making significant strides in expanding its digital payment influence globally. The country is in discussions with nations in Africa and South America to develop their digital payment systems based on India’s successful Unified Payments Interface (UPI). Ritesh Shukla, CEO of NPCI International Payments Ltd (NIPL), announced that they anticipate launching two new payment systems in these regions by early 2027.
The National Payments Corporation of India (NPCI), which operates UPI, has seen a huge increase in usage, with nearly 15 billion transactions processed in August alone, marking a 41% growth compared to the previous year. The NIPL has already signed agreements with the central banks of Peru and Namibia, aiming to establish UPI-like systems by late 2026 or early 2027.
In discussions with at least 20 countries, Rwandan officials have expressed serious interest in adopting India’s digital payment model. The NIPL is also focused on linking UPI with other countries’ payment systems, such as Singapore’s PayNow, with several partnerships already in place. To support its international efforts, NIPL plans to expand its team significantly by March 2025.
With these initiatives, India is positioning itself as a leader in global digital payments, helping to shape the future of transactions worldwide.
Tags: UPI, Digital Payments, NPCI, International Payments, Peru, Namibia, Rwanda, Financial Technology, Global Expansion.
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What is NPCI’s plan for digital payments in Africa and South America?
NPCI aims to promote digital payments using UPI, making transactions easier and more secure in these regions. -
How does UPI work for new users in these regions?
UPI allows users to send or receive money using their mobile phones, making it quick and convenient for everyone. -
Will UPI support local languages in Africa and South America?
Yes, NPCI plans to offer UPI in local languages to make it easier for more people to use the system. -
How can businesses benefit from UPI in these regions?
Businesses can accept payments easily, reduce cash handling, and reach more customers by using UPI. - When can we expect UPI to launch in Africa and South America?
NPCI is working fast to launch UPI soon, but exact dates will be announced as the plans develop.
