UPI Goes Global: India Set To Help Africa And South America Develop Real-Time Payment Systems
India is negotiating with countries across Africa and South America to support the development of their digital payment systems using the Unified Payments Interface ( UPI ) as a model. According to a senior official, two of these projects are expected to be operational by early 2027.
The international arm of the National Payments Corporation of India (NPCI), NPCI International Payments Ltd ( NIPL ), is actively engaged in talks with “multiple countries,” nearing a formal agreement with one of them, according to Ritesh Shukla, CEO of NIPL.
NPCI operates under India’s central bank as a quasi-regulatory body responsible for retail payment systems. It developed UPI, which has become India’s most widely used digital payment platform. In August alone, UPI processed nearly 15 billion transactions, reflecting a 41% growth.
NIPL, an entity created to promote Indian payment solutions globally, has been holding discussions with over 20 countries from Africa and South America to aid in establishing systems similar to UPI, according to a source close to the negotiations.
Earlier this year, NIPL finalized agreements with the central banks of Peru and Namibia to help design real-time payment platforms akin to UPI. These systems are set to go live by late 2026 or early 2027, according to Shukla.
Among the nations showing keen interest, Rwanda is the furthest along in talks, according to a second source familiar with the situation. Both sources requested anonymity as they were not authorized to discuss the details publicly.
While Shukla refrained from revealing the exact number of countries in discussion or whether Rwanda is included, the Bank of Rwanda did not immediately provide a comment on the matter.
In addition to building new payment infrastructures, NIPL is also focusing on linking UPI with other countries' real-time payment networks, such as Singapore's PayNow. Currently, seven such connections are active, with more planned in the future, though Shukla did not disclose specifics.
Looking ahead, NIPL plans to expand its workforce, aiming to double its team to 120 employees by March 2025. The company plans to station more personnel abroad, supplementing its current team of executives based in Singapore and the Middle East, Shukla added.
The international arm of the National Payments Corporation of India (NPCI), NPCI International Payments Ltd ( NIPL ), is actively engaged in talks with “multiple countries,” nearing a formal agreement with one of them, according to Ritesh Shukla, CEO of NIPL.
NPCI operates under India’s central bank as a quasi-regulatory body responsible for retail payment systems. It developed UPI, which has become India’s most widely used digital payment platform. In August alone, UPI processed nearly 15 billion transactions, reflecting a 41% growth.
NIPL, an entity created to promote Indian payment solutions globally, has been holding discussions with over 20 countries from Africa and South America to aid in establishing systems similar to UPI, according to a source close to the negotiations.
Earlier this year, NIPL finalized agreements with the central banks of Peru and Namibia to help design real-time payment platforms akin to UPI. These systems are set to go live by late 2026 or early 2027, according to Shukla.
Among the nations showing keen interest, Rwanda is the furthest along in talks, according to a second source familiar with the situation. Both sources requested anonymity as they were not authorized to discuss the details publicly.
While Shukla refrained from revealing the exact number of countries in discussion or whether Rwanda is included, the Bank of Rwanda did not immediately provide a comment on the matter.
In addition to building new payment infrastructures, NIPL is also focusing on linking UPI with other countries' real-time payment networks, such as Singapore's PayNow. Currently, seven such connections are active, with more planned in the future, though Shukla did not disclose specifics.
Looking ahead, NIPL plans to expand its workforce, aiming to double its team to 120 employees by March 2025. The company plans to station more personnel abroad, supplementing its current team of executives based in Singapore and the Middle East, Shukla added.
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