The National Payments Corporation of India (NPCI) is making significant strides in extending its Unified Payments Interface (UPI) to global markets, particularly in Africa and South America. Ritesh Shukla, CEO of NPCI International Payments Ltd (NIPL), stated that the organization is working to establish digital payment systems in these regions, with two systems expected to be launched by early 2027.
NPCI, a public non-profit entity managing India’s retail payment systems, has seen a notable increase in UPI transactions. In August, the monthly volume surged by 41%, reaching nearly 15 billion transactions. To promote India’s payment systems internationally, NIPL was established as NPCI’s overseas arm.
Currently, NIPL is engaged in discussions with approximately 20 countries across Africa and South America to develop UPI-like infrastructures. Agreements have already been signed with the central banks of Peru and Namibia, with system launches anticipated by late 2026 or early 2027.
Furthermore, NIPL is exploring potential collaborations to link UPI with other countries’ real-time payment systems, such as Singapore’s PayNow. Seven connections are already in place, with more expected to follow.
To support these international efforts, NIPL plans to double its team size from 60 members by March 2025, enhancing its presence beyond its current teams in Singapore and the Middle East.
Key Highlights:
- Global Expansion: NPCI is actively engaging with 20 countries in Africa and South America to develop UPI-based payment systems, aiming for two launches by early 2027.
- Growing UPI Adoption: UPI transactions in India saw a 41% surge in August, with nearly 15 billion transactions recorded.
- International Collaborations: NIPL is working on connecting UPI with other real-time payment systems, with seven links already established.