India wants to expand its Unified Payments Interface to Africa 🇮🇳

India wants to expand its Unified Payments Interface to Africa 🇮🇳

#consumer markets
The Indian government is planning to expand its Unified Payments Interface (UPI) in Africa through commercial partnerships between payments platforms. According to Mint, an Indian business publication, the government is in talks with "several African countries", including Namibia, Mozambique and Kenya.

India is in discussions with several African countries, including Namibia, Mozambique, and Kenya, to expand its Unified Payments Interface (UPI) and enable cross-border payments. The National Payments Corporation of India (NPCI) is looking to collaborate with these countries to help them develop their own versions of UPI, tailored to their needs. UPI is a system that integrates multiple bank accounts into a single mobile application, facilitating seamless fund routing, merchant payments, and peer-to-peer transactions.

Currently, UPI has around 300 million users and 500 million merchants in India. It has significantly contributed to the reduction of cash transactions in the country. The Indian government also aims to standardize cross-border remittances for the approximately 30 million Indians living outside India who send around $100 billion annually. UPI's success has prompted interest from other countries like Singapore, France, the United Arab Emirates, and Sri Lanka. During the BRICS summit, Indian Prime Minister Narendra Modi expressed the potential for collaborating on UPI technology within the BRICS group and plans to present India's digital infrastructure during its G20 presidency.

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