New Delhi: India is actively negotiating with countries in Africa and South America to assist in the development of digital payment systems modeled on its Unified Payments Interface (UPI). Plans are in place for the launch of two such systems by early 2027, according to a report from Reuters.
Ritesh Shukla, CEO of NPCI International Payments Ltd (NIPL), the international arm of the National Payments Corporation of India (NPCI), confirmed that discussions are underway with several countries, with an agreement imminent with one.
The NPCI, a public non-profit organization under the central bank, manages UPI, which has emerged as India’s leading digital payment platform. In August, UPI recorded a 41% increase in monthly transaction volume, totaling nearly 15 billion transactions.
NIPL has reportedly been in talks with at least 20 countries across Africa and South America, aiming to help them establish UPI-like systems. Earlier this year, NIPL signed agreements with the central banks of Peru and Namibia to support the creation of real-time payment systems inspired by UPI.
Shukla indicated that these countries are on track to launch their systems by late 2026 or early 2027. According to a source familiar with the discussions, Rwanda has been a focal point for serious negotiations.
While Shukla did not disclose the exact number of countries in discussions or confirm Rwanda’s involvement, he highlighted NIPL’s broader ambitions. In addition to developing payment systems, NIPL is working to link UPI with other nations’ real-time payment systems, including Singapore’s PayNow. Currently, there are seven such connections established, with more planned.
Looking ahead, NIPL aims to expand its team from 60 members by March 2025, enhancing its international presence beyond current executives based in Singapore and the Middle East.
