Latest news with #NationalPaymentCorporationofIndia
Time of India
3 days ago
- Business
- Time of India
NPCI, Namibian Central Bank enter licensing agreement to develop a UPI-like instant payment system: MEA
Academy Empower your mind, elevate your skills The Ministry of External Affairs on Wednesday confirmed a licensing agreement between India and Namibia for the deployment of UPI (Unified Payments Interface).During the press conference on Prime Minister Narendra Modi's visit, Dammu Ravi, Secretary (East) noted that Namibia has become the first country in the world where the National Payment Corporation of India ( NPCI ) and the Namibian Central Bank have entered into a licencing agreement for the usage of UPI in Namibia in real-time payments He said, "Namibia is the first country in the world where NPCI-National Payment Cooperation of India and the Namibian Central Bank have entered into a licensing agreement for the deployment of the UPI in Namibia for real-time payments. This is a significant development. We believe that this will open up new avenues for cooperation in the digital space between our two countries..."The partnership between NPCI International Payments Limited (NIPL) and the Bank of Namibia (BoN) aims to modernise Namibia's financial infrastructure by leveraging India's Unified Payment Interface (UPI) technology and collaboration will enable Namibia to develop a real-time payment system, enhancing digital financial services and promoting inclusive economic Modi also lauded the digital transactions in Namibia, which foster financial inclusion and reduce reliance on cash by serving underserved addressing the Namibian Parliament, he said, "People will be able to send money faster than one can say 'Tangi Unene.' Soon, a Himba grandmother in Kunene, or a shopkeeper in 'Katutura', will be able to go digital with just a tap faster than a 'Springbok'."The Unified Payments Interface (UPI) is a real-time payment system developed by the National Payments Corporation of India (NPCI). NPCI is an initiative of the Reserve Bank of India (RBI) and the Indian Banks' is the first time NPCI International is partnering with a central bank to deploy the UPI Stack in another also highlighted the several interactions that PM Modi held in Ravi also stated that PM Modi held a one-on-one discussion with the President Netumbo Nandi-Ndaitwah and participated in delegation-level talks. He also paid homage to the founding father of Namibia and the first President of Namibia, Dr Sam Modi received the Order of the Most Ancient Welwitschia Mirabilis, which is the highest civilian award of Namibia. The award was established in 1995, shortly after Namibia gained independence in 1990, to recognise distinguished service and after the Welwitschia Mirabilis, a unique and ancient desert plant endemic to Namibia, the order symbolises resilience, longevity and the enduring spirit of the Namibian makes it the 27th award for PM Modi and the 4th award in this ongoing tour."This visit assumes importance in more than one way. This is a visit taking place after 27 years by the Prime Minister of India. This is also a time when the President of Namibia has just assumed her office in March after a landslide victory, which means there will be continuity in our relationship. It will further facilitate deepening in our relationship," said the MEA secretary (East).PM Modi arrived in Namibia after concluding his two-day State visit to Brazil, where he attended the 17th BRICS Summit in Rio de Janeiro and held bilateral talks with President Luiz Inacio Lula da Silva in is the final stop in the Prime Minister's five-nation tour, which also included visits to Ghana, Trinidad and Tobago, Argentina, and Brazil.
News18
6 days ago
- Business
- News18
India To Help Trinidad And Tobago Develop UPI-Like Payment Infrastructure
Last Updated: The two countries showed a strong interest in deepening their cooperation in the digital space. Trinidad and Tobago, a Caribbean nation, has taken an interest in India's ingenious developed digital payment method Unified Payment Interface (UPI). India and NPCI (National Payment Corporation of India) are supporting Trinidad and Tobago in developing a UPI-like digital payments system, which is still under implementation. The payment system in the Caribbean nation isn't live yet. Earlier, PM Narendra Modi paid an official visit to Trinidad and Tobago from July 3-4 at the invitation of Kamla Persad-Bissessar, Prime Minister of Trinidad and Tobago. PM Modi congratulated Trinidad and Tobago on becoming the first Caribbean nation to take interest in the payment technology, as per ANI report. A total of seven countries, including France, Bhutan, Mauritius, Nepal, Singapore, Sri Lanka, and UAE have adopted India's ingenious technology UPI so far. List of countries where international merchant payments are accepted at select merchant outlets: The two countries showed a strong interest in deepening their cooperation in the digital space. Both sides agreed to explore further collaboration in implementing India Stack solutions such as DigiLocker, e-Sign, and the Government e-Marketplace (GeM). Trinidad and Tobago also sought India's support in digitizing and upgrading its state land registration system. The leaders noted that digital governance and public service delivery have the potential to drive inclusive development, foster innovation, and enhance national competitiveness, according to a statement from the Ministry of External Affairs. In pursuance of NPCI Board & RBI approval, NPCI International Payments Limited (NIPL) has been incorporated on April 3, 2020 as a wholly owned subsidiary of National Payments Corporation of India (NPCI). NIPL is devoted for deployment of RuPay (domestic card scheme) and UPI (mobile payment solution) outside of India. NIPL is focused on transforming payments across the globe with use of technology and innovation. NPCI also has RuPay, the first-of-its-kind domestic Card payment network of India, with wide acceptance at ATMs, POS devices and e-commerce websites. RuPay has launched various card variants catering to the different segments of the society. The name, derived from the words 'Rupee and 'Payment', emphasizes that it is India's very own initiative for Card payments.
