Stories
Zimbabwe Eyes India UPI Tech for National Payments Network
- •Zimbabwe is in discussions with NPCI International Payments Ltd to adopt India's Unified Payments Interface technology for its new real-time national payments system.
- •Reserve Bank of Zimbabwe Governor John Mushayavanhu stated that negotiations could potentially conclude by October 31.
- •The proposed common infrastructure aims to connect banks, mobile-money operators, and fintech companies to lower transaction costs and speed up payments.
- •The central bank expects digitisation to improve visibility into economic activity by small and medium-sized businesses.
- •NPCI International has previously signed similar infrastructure agreements with Namibia, Peru, and Trinidad and Tobago.
Key Questions Answered
Zimbabwe is in discussions with NPCI International Payments Ltd to build a new real-time domestic payments system using India's Unified Payments Interface (UPI) technology. The proposed infrastructure aims to connect banks, mobile-money operators, and fintech providers to lower transaction costs, speed up payments, and reduce dependence on cash.
According to Reserve Bank of Zimbabwe Governor John Mushayavanhu, the negotiations with NPCI International to adopt the UPI-based infrastructure may conclude by October 31.
In May 2024, NPCI International signed an agreement with the Bank of Namibia to help develop a real-time domestic payments system modeled on UPI. Similar agreements have also been established to implement UPI-like payment infrastructure in Peru as well as Trinidad and Tobago.
