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NPCI Partners with Bank of Namibia to Develop UPI-Like Instant Payment System: NPCI and Bank of Namibia have joined forces to introduce a UPI-style payment system in Namibia, to enhance financial inclusion and modernize the country’s financial sector. In a significant development, NPCI International Payments Limited (NIPL) has partnered with the Bank of Namibia (BoN) to implement a real-time payment system similar to India’s Unified Payment Interface (UPI) in Namibia.
NPCI Partners with Bank of Namibia to Develop UPI-Like Instant Payment System
The partnership between NPCI and the Bank of Namibia is expected to bring about significant changes in Namibia’s financial landscape. By introducing a UPI-style payment system, both organizations aim to facilitate faster and more convenient transactions, thereby promoting financial inclusivity and driving the country toward a cashless economy.
Advancing Financial Participation in Namibia
The agreement aims to use India’s UPI expertise to improve accessibility, affordability, and connectivity within Namibia’s financial system. By giving the Bank of Namibia access to advanced technology and insights from NIPL, the initiative aims to establish a strong platform for digital transactions. This will promote financial inclusion and modernization in Namibia.
Empowering Digital Welfare
Through this partnership, Namibia will have more control in how digital payments work. This means it will be easier for people to use different payment systems, and more people will be able to access banking services, especially those who usually can’t. The partnership aims to make sure these changes can grow and change with new technology, helping the economy in Namibia to grow.
NPCI’s Global Expansion of UPI
This initiative comes after NPCI’s efforts to expand globally, like the recent UPI-PayNow link between India and Singapore for easier money transfers. NPCI is also working in France, Sri Lanka, Singapore, and Mauritius to make UPI available internationally, making it easier to do transactions across borders.
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