MUMBAI: India is actively engaging with nations in Africa and South America to assist them in developing their own digital payment systems, modeled after its successful Unified Payments Interface (UPI). A senior official announced on Tuesday that two of these projects are expected to launch by early 2027.
Ritesh Shukla, CEO of NPCI International Payments Ltd (NIPL), revealed that the National Payments Corporation of India's overseas branch is negotiating with multiple countries and is close to finalizing a deal with one. The NPCI, which operates under the Reserve Bank of India, is a public non-profit organization that oversees retail payment systems in the country. UPI, its flagship service, saw a significant 41% increase in usage, with nearly 15 billion transactions recorded in August.
The NIPL, established to promote Indian payment systems internationally, has held discussions with at least 20 countries in these regions. This year, it signed agreements with the central banks of Peru and Namibia to help them create real-time payment systems similar to UPI, which are anticipated to be launched by late 2026 or early 2027.
Additionally, Rwanda is highlighted as a country where serious negotiations are underway, according to a source familiar with the discussions. However, the exact number of countries being engaged remains undisclosed, and the Bank of Rwanda has not yet commented on the matter.
Apart from aiding nations in developing payment systems, the NIPL aims to integrate UPI with existing real-time payment frameworks, such as Singapore's PayNow. Currently, there are seven established links, with several more anticipated in the near future.
To support its growing international efforts, the NIPL plans to double its team of 60 members by March 2025, expanding its presence beyond the few executives it currently has in Singapore and the Middle East.
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