India is in talks with African and South American countries to assist them in establishing digital payment systems based on the Unified Payments Interface (UPI) paradigm. Ritesh Shukla, CEO of NPCI International Payments Ltd. (NIPL), expects two launches by early 2027.
NIPL, the abroad branch of the National Payments Corporation of India (NPCI), is in talks with a number of countries and is close to reaching an agreement with one. The NPCI, a quasi-regulatory organisation under India’s central bank, oversees UPI, which saw roughly 15 billion transactions in August, a 41% increase.
NIPL, which was established to promote UPI internationally, has worked with approximately 20 African and South American countries to assist them in developing similar systems. Earlier this year, agreements were struck with the central banks of Peru and Namibia to develop real-time payment systems such as UPI, which are scheduled to launch in 2027.
Rwanda has been involved in serious conversations, but no official confirmation has been provided. Aside from developing technologies, NIPL is integrating UPI with existing real-time payment networks, such as Singapore’s PayNow. Seven such links have already been established, with more expected.
NIPL intends to double its personnel by March 2025, expanding into international markets beyond its current presence in Singapore and the Middle East.
