Led by the National Payments Corporation of India’s international arm, NIPL, these initiatives aim for a launch by early 2027
Ritesh Shukla, CEO of NPCI International Payments Ltd (NIPL), said that the overseas arm of the National Payments Corporation of India (NPCI) is in talks with several nations and is close to finalising an agreement with one
NIPL has held talks with over 20 countries in Africa and South America to help them develop UPI-like systems.
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India is reportedly engaging in discussions with countries in Africa and South America to help them build digital payment systems akin to its Unified Payments Interface (UPI).
Led by the National Payments Corporation of India’s international arm, NIPL, these initiatives aim for a launch by early 2027.
Ritesh Shukla, CEO of NPCI International Payments Ltd (NIPL), told Reuters that the overseas arm of the National Payments Corporation of India (NPCI) is in talks with several nations and is close to finalising an agreement with one.
The report added that NIPL, a division of NPCI focused on promoting India’s payment systems globally, has held talks with over 20 countries in Africa and South America to help them develop UPI-like systems.
Earlier this year, the NPCI also signed agreements with a number of countries, including Peru and Namibia, to develop UPI-like payments systems.
This comes as the Reserve Bank of India (RBI) has teamed up with the Bank for International Settlements (BIS) and central banks from four ASEAN nations to launch Project Nexus, a multilateral initiative aimed at facilitating retail cross-border payments.
Under the initiative, India’s UPI will be linked with the respective Fast Payment Systems (FPS) of Malaysia, the Philippines, Singapore, and Thailand to enable instant cross-border retail payments.
At the heart of this, the Indian government continues to promote UPI on the global stage. In July, NPCI introduced the ‘UPI One World’ wallet to enable seamless payments for foreign tourists.
India also signed an agreement with the Maldives to extend UPI services to the island, with ongoing discussions to integrate UPI with Malaysia’s PayNet. Last year, IT Minister Ashwini Vaishnaw revealed that India has signed MoUs with about 30 countries to expand UPI globally.
The development comes at a time when NPCI is reportedly considering raising the market share cap for Unified Payments Interface (UPI) apps from the proposed 30%. NPCI is contemplating allowing UPI third-party apps to exceed a 40% market share.
Meanwhile, NPCI BHIM Services Ltd (NBSL), a subsidiary of NPCI, announced it will offer e-RUPI vouchers through the BHIM App to support artisans under the PM Vishwakarma Scheme. The initiative aims to empower traditional artisans by enhancing skills, providing modern tools, and helping them scale their services for better livelihoods.
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