India, July 10 -- The National Payments Corporation of India (NPCI) has signed a licensing agreement with the Namibian central bank to develop a real-time payments platform akin to the Unified Payments Interface (UPI).

During a press briefing on the outcomes of Prime Minister Narendra Modi's visit to the African nation, Dammu Ravi, secretary in the external affairs ministry, said, "Namibia is the first country in the world where NPCI and the Namibian central bank have entered into a licensing agreement to deploy UPI in Namibia for real-time payments."

The agreement would enable Namibia to develop a real-time payment system.

Notably, NPCI's international arm, NPCI International Payments Limited (NIPL), first signed an agreement with the...