Connecting UPI to Payment Systems in Africa
📍 India’s #UPI is reaching many parts of Asia and European countries to make the national payment systems interoperable such as UPI-PayNow, PayNow-DuitNow, PayNow-PromptPay, and other global initiatives like SWIFT’s GPI, Alipay+, PAPSS, multi-CBDC projects, etc.
🔹 Despite the numerous #trading and #remittance potentials among India and African countries, no #African payment system has been connected to the #UPI technology bridge cross-border transactions.
🔹 Payment systems in countries like South Africa, Ghana, Kenya, Nigeria, Rwanda, etc, are robust enough to connect to India’s UPI to streamline cross-border payments and #remittances
🔸 Also, connecting UPI with payment systems in Africa would involve establishing interoperability agreements, technical integration, and adhering to regulatory frameworks across different countries.
🔸 Although cross-border payment systems exist (like SWIFT, RippleNet, etc.), they come with a high #cost.
💠 Integrating UPI with African payment systems would require significant coordination between India and individual African countries, addressing technical, regulatory, and security considerations.
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