New Delhi: NPCI International Payments Limited (NIPL) and the Central Reserve Bank of Peru (BCRP) have announced a partnership to establish a UPI-like real-time payments system in Peru. Peru, upon this collaboration, has become the first South American nation to adopt the Unified Payment Interface (UPI) technology from India.
This partnership will provide a reliable and efficient real-time payments platform that enables instant payments between individuals and businesses. It is also expected to reduce reliance on cash and extend digital payment capabilities to the unbanked population of Peru. With UPI’s open banking framework, the partnership will provide better connectivity and interoperability with both domestic and international payment networks.
Ritesh Shukla, CEO of NPCI International, said, “Our collaboration with BCRP aims to fortify Peru’s financial infrastructure and drive economic growth. We will jointly promote digital payments, financial inclusion, cost optimisation, and transparency.”
“Supported by the Reserve Bank of India, the BCRP aims to enhance financial inclusion, security, and efficiency while introducing new digital payment use cases. This new infrastructure will be crucial for fostering innovation and welcoming new participants into Peru’s payment ecosystem, especially benefiting the unbanked population,” Julio Velarde, Governor of BCRP, stated.
