India in talks with Africa for UPI

Posted under: Fintech
Date: 2023-08-29
India in talks with Africa for UPI

India is engaging with African countries like Namibia, Mozambique, and Kenya to establish commercial partnerships for payments platforms. Ritesh Shukla, International CEO of India's National Payments Corporation, stated that UPI's presence in other countries will double within the next 12-18 months. India seeks to create sovereign versions of UPI in collaboration with partner countries. India also plans to standardize the user experience for its 30 million overseas citizens who send around $100 billion annually. The effort aligns with India's aspiration to represent developing nations' interests globally. A Memorandum of Understanding (MoU) has been signed with several countries for UPI solutions, and talks are underway with other nations in Latin America, Africa, and Southeast Asia. UPI adoption has extended to India's neighbors, including Nepal, Bhutan, and the upcoming implementation in Sri Lanka.

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