India and Ghana have recently agreed to expedite the integration of India’s Unified Payments Interface (UPI) with Ghana’s interbank payment and settlement systems (GHIPSS) within the next six months. This decision was reached during a joint trade committee meeting held in Accra between May 2 and 3.
Expediting UPI Integration
The official government statement revealed that both countries have committed to working swiftly towards operationalizing UPI on GHIPSS. This move aims to enhance cross-border digital payment capabilities and facilitate seamless transactions between India and Ghana.
Discussion on Digital Transformation
In addition to UPI integration, the two sides explored the possibility of signing a memorandum of understanding (MoU) on digital transformation solutions. This reflects their mutual interest in leveraging technology to drive innovation and enhance bilateral trade relations.
Focus Areas for Collaboration
India and Ghana identified several focus areas for collaboration, including the digital economy and digital infrastructure. By prioritizing these sectors, both countries aim to create new opportunities for economic growth and development through technology-driven initiatives.
Involvement of Fintech Sector
The Indian delegation, comprising seven members, included representatives from the local fintech sector. Their participation underscores the importance of private sector engagement in fostering innovation and driving digital transformation initiatives.
UPI’s Global Expansion
Ghana’s decision to integrate UPI reflects a growing trend of countries looking to leverage India’s digital payment infrastructure. Last year, India initiated discussions with South American and African nations to introduce UPI and RuPay cards. This underscores India’s commitment to promoting digital financial inclusion on a global scale.
NPCI’s Role in International Expansion
NPCI’s international arm, NPCI International Payments Limited (NIPL), recently signed an agreement with the Bank of Namibia to develop a digital payments system similar to UPI. This highlights NPCI’s efforts to support the digital payment ecosystem in other countries.
Real-Time Payment Linkage with the US
Reports have surfaced indicating that NPCI and several Indian and US banks are in advanced talks to establish a real-time payment linkage between the two countries. This initiative aims to facilitate seamless cross-border transactions and strengthen economic ties between India and the US.
Global Adoption of UPI
Several nations, including Sri Lanka, France, Mauritius, Bhutan, Nepal, the UAE, and Canada, have already deployed variations of India’s payments infrastructure. This reflects the widespread adoption of UPI’s technology and its potential to transform digital payments globally.
Record Growth of UPI
The continued growth of UPI underscores its significance in the global digital payments landscape. With India accounting for 46% of global digital transactions, UPI continues to set new records in terms of transaction volume and value.
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