India explores global digital payments system based on UPI
NPCI plans to help countries develop new payment systems
India is actively engaging with countries in Africa and South America to establish a digital payments system based on its Unified Payments Interface (UPI), with expectations of launching two systems by early 2027. Ritesh Shukla, CEO of NPCI International Payments Ltd (NIPL), indicated that the organisation is close to finalising an agreement with one of the nations involved in discussions, which encompass over 20 countries.
The National Payments Corporation of India (NPCI), which oversees UPI, has seen significant growth, with monthly transaction volumes reaching nearly 15 billion in August—a 41% increase year-over-year. Earlier this year, NIPL signed agreements with the central banks of Peru and Namibia to develop real-time payment systems akin to UPI, targeting launches by late 2026 or early 2027. Serious talks have also been held with Rwanda, although Shukla refrained from disclosing specific details about the ongoing discussions.
In addition to developing new payment systems, NIPL is working to integrate UPI with real-time payment solutions from other countries, including Singapore’s PayNow. The organisation has successfully established seven links and is actively pursuing more partnerships. To bolster these efforts, NIPL plans to double its current team of 60 by March 2025, aiming to enhance its operations beyond its existing presence in Singapore and the Middle East.
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