Namibia plans to build real-time P2P and merchant payments by utilizing the technology and know-how that underpin India's UPI. According to NIPL, it will support Namibia's financial ecosystem modernization by increasing affordability, accessibility, and network connectivity for both local and international payment systems.

Since its launch in 2016, the UPI has played a pivotal role in India's endeavors to enhance financial inclusion through digital payments, managing in excess of 100 billion transactions to date.

In 2020, the NPCI overseas subsidiary was established with the goal of promoting the RuPay card network and UPI outside of India. The division signed an agreement with the biggest payment network in Nepal earlier this year, and in an effort to expand internationally more quickly, it also partnered with Google Pay.

"Our goal is to improve accessibility and affordability for underserved populations, achieve full interoperability of payment instruments by 2025, modernize the financial sector, and ensure a secure and efficient National Payment System," states Johannes Gawaxab, governor of the Bank of Namibia.

In order to reduce infrastructure costs for financial institutions and guarantee the sustainability and affordability of immediate payment solutions for end users, this initiative, which is in line with the Bank's Strategic Plan and NPS Vision and Strategy 2025, purposefully uses a central bank-led approach.

"This system aims to connect individuals, businesses, and government entities across Namibia, including the payment of social grants, enabling more efficient economic interactions and supporting the growth of digital entrepreneurship."