Peru adopts India’s UPI technology

NPCI International Payments Limited (NIPL) and the Central Reserve Bank of Peru (BCRP) have teamed up to introduce a UPI-like real-time payments mechanism in Peru.

This collaboration makes Peru the first country in South America to adopt Unified Payment Technology (UPI), exhibiting India’s leadership when it comes to digital payments.

With this partnership, BCRP will be able to establish a reliable and effective real-time payments platform in Peru. 

Instant payments between individuals and businesses will be made easier by this one-of-a-kind payments system, which will reduce the need for cash transactions and encourage digital payments amongst the sizable unbanked population of Peru.

The cooperative and open banking model of UPI encourages greater connectivity and interoperability with both domestic and international payment networks. It will incentivize the Peruvian payment system to be resilient as well as innovative.

CEO of NPCI International Mr. Ritesh Shukla said, “Our partnership with BCRP aims to strengthen Peru’s financial infrastructure and foster economic growth. Together, we will work to promote digital payments, financial inclusion, cost optimization, and transparency in the payment landscape. This collaboration reflects our commitment to advancing digital public goods globally. Once live, Peruvian citizens will experience unmatched convenience, security, and efficiency in financial transactions.”

Expressing his enthusiasm about the agreement, Governor of BCRP Julio Velarde stated, “We are delighted to partner with NPCI International. This marks a significant step in strengthening and modernizing our payment systems, aiming to expand the reach and efficiency of financial services in Peru.”