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India's Unified Payments Interface (UPI) expands to Africa - Enhancing cross-border transactions, fi...

1 min Read September 1, 2023 at 1:21 PM UTC

Daba finance invest in Africa

Highlights

  • The Indian government is planning to expand its Unified Payments Interface (UPI) in Africa through commercial partnerships between payment platforms. 
  • UPI is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood.
  • According to Mint, an Indian business publication, the government is in talks with “several African countries”, including Namibia, Mozambique, and Kenya.

Source: Mint


Our Takeaway

The UPI is credited to have helped reduce cash transactions in India from 90% of the total volume in 2017 to less than 60% in 2021. The push into Africa comes as part of recent efforts by the Asian nation to expand its interests on the continent. For Africa, this is significant in the context of its own booming digital payment industry. UPI, a proven and efficient payment system, can improve cross-border transactions, and open doors for enhanced financial services and international trade between both parties, as well as further driving Africa’s digital financial ecosystem.

This material has been presented for informational and educational purposes only. The views expressed in the articles above are generalized and may not be appropriate for all investors. The information contained in this article should not be construed as, and may not be used in connection with, an offer to sell, or a solicitation of an offer to buy or hold, an interest in any security or investment product. There is no guarantee that past performance will recur or result in a positive outcome. Carefully consider your financial situation, including investment objective, time horizon, risk tolerance, and fees prior to making any investment decisions. No level of diversification or asset allocation can ensure profits or guarantee against losses. Articles do not reflect the views of DABA ADVISORS LLC and do not provide investment advice to Daba’s clients. Daba is not engaged in rendering tax, legal or accounting advice. Please consult a qualified professional for this type of service.

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