NPCI International Payments Limited (NIPL) will help develop an instant payment system like UPI for Namibia. NIPL has signed an agreement with Bank of Namibia (BON) for this. National Payments Corporation of India (NPCI) gave information about this today i.e. on 2 May. The agreement aims to enhance digital financial services in the African country, supporting real-time person-to-person (P2P) and merchant payment transactions (P2M). NPCI’s first collaboration with a central bank for the international market, NPCI wrote on social media platform Are thrilled. This is our first collaboration with a central bank to deploy the UPI stack in the international market. We are proud to contribute to the Digital Public Good initiative and are excited to help the citizens of Namibia with Made in India technology. Transactions worth ₹ 19.78 lakh crore in the country through UPI in March 2024. A new record of transactions through UPI was made in March 2024. That month, transactions worth Rs 19.78 lakh crore were made through 1,344 crore transactions. Earlier in February 2024, 1,201 crore transactions took place through UPI, through which Rs 18.28 lakh crore was transferred. At the same time, transactions worth Rs 199.95 lakh crore were done through UPI in the entire financial year 2023-24. NPCI International Payments Limited is the international branch of NPCI. NPCI International Payments Limited is the international branch of National Payment Corporation of India (NPCI), the company developing Unified Payment Interface i.e. UPI. It works to promote the use of UPI in other countries. UPI is one of the most popular digital payment options in India. How does UPI work? For UPI service you have to create a virtual payment address. After this it will have to be linked to the bank account. After this, there is no need to remember your bank account number, bank name or IFSC code etc. The payment provider simply processes the payment request according to your mobile number. If you have his UPI ID (e-mail ID, mobile number or Aadhaar number) then you can easily send money through your smartphone. Not only money but also there will be no need for net banking, credit or debit card for utility bill payment, online shopping, shopping etc. You can do all these things through the Unified Payment Interface System. National Payments Corporation of India was established in 2008. National Payments Corporation of India (NPCI) was established in 2008 to operate the retail payments and settlement system in India. NPCI has established a strong payment and settlement infrastructure in the country. NPCI has changed the way retail payments are done through RuPay Card, Immediate Payment Service (IMPS) and Unified Payment Interface (UPI). Also read… Soon you will be able to deposit money in your bank account through UPI: Facility will be available in cash deposit machine; Currently, facility of payment and cash withdrawal through UPI, soon you will be able to deposit cash in your bank account through Unified Payments Interface i.e. UPI. RBI Governor Shaktikanta Das had given this information in the last Monetary Policy Committee (MPC) meeting. He said that considering the popularity and acceptance of UPI, cash deposit facility is now proposed through it. This facility will be made available in CDM (Cash Deposit Machine). Click to read full news…
