New Delhi [India], May 2 (ANI): NPCI International Payments (NIPL), the international arm of the National Payments Corporation of India (NPCI), has signed an agreement with the Bank of Namibia (BoN) to support them in developing an instant payment system like Unified Payment Interface (UPI) for the Southwest African country.

As per a release from NPCI on Thursday, this collaboration marks a strategic leap towards strengthening Namibia's financial infrastructure and fostering inclusive economic growth.

Also Read | NEET UG 2024 Admit Card Released: NTA Releases Admit Cards for NEET UG 2024 at neet.nta.nic.in, Know Steps to Download Hall Tickets.

By leveraging technology and experiences from India's UPI, the partnership seeks to help Namibia modernize its financial ecosystem. This includes improving accessibility, affordability, connectivity with both domestic and international payment networks, and interoperability.

Through this collaboration, the Bank of Namibia will gain access to best-in-class technology and insights from NIPL, enabling the creation of a similar platform in Namibia for the digital welfare of its citizens.

Also Read | WhatsApp New Feature Update: Meta-Owned Platform Adds New Ways To Organise Events in WhatsApp Communities.

Johannes !Gawaxab, Governor of the Bank of Namibia, said, their objective is to enhance accessibility and affordability for underserved populations, achieve full interoperability of payment instruments by 2025, modernize the financial sector, and ensure a secure and efficient National Payment System.

"This system aims to connect individuals, businesses, and government entities across Namibia, including the payment of social grants, enabling more efficient economic interactions and supporting the growth of digital entrepreneurship," the Namibia central bank governor said.

Speaking on partnership, Ritesh Shukla, CEO, NPCI International said, "We are excited about this partnership, which will enable Namibian citizens to transact instantly leveraging technology and experiences from India's UPI. 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."

Once live, the platform will facilitate digital transactions in Namibia, driving financial inclusion and reducing cash dependency by catering to underserved populations.

As the international arm of NPCI, NIPL is devoted for deployment of NPCI's indigenous, system outside of India.

Payments through digital means in India are hitting fresh highs, as its citizens are increasingly adopting the emerging modes of transacting on the internet.

UPI is India's mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly, using a Virtual Payment Address (VPA) created by the customer. The UPI payment system has become hugely popular for retail digital payments in India, and its adoption is increasing at a rapid pace.

A key emphasis of the Indian government has been on ensuring that the benefits of UPI are not limited to India only; other countries, too, benefit from it. So far, Sri Lanka, Mauritius, France, UAE, and Singapore, among others, have partnered or intending to partner with India on emerging fintech and payment solutions. (ANI)

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)