South America's Peru to adopt UPI like instant payment system in colloboration with NPCI

The NPCI International Payments Limited along with Central Reserve Bank of Peru (BCRP) is deploying a UPI like payment system in Peru. With this Peru becomes the first South American country to adopt UPI technology

UPI technology in Peru

As per Ritesh Shukla, the CEO of NPCI International, the partnership aims to strengthen Peru’s financial infrastructure, to foster economic growth.

“Our partnership with the BCRP aims to strengthen Peru’s financial infrastructure, to foster economic growth. We will be working together to address our common objective of promoting digital payments, financial inclusion, cost optimization, and transparency in the payment landscape, with scope for further scalability and adaptability, to embrace future technological advancements and market demands. It also reflects on our commitment towards advancing digital public goods across the globe.”

This partnership also empowers the Central Reserve Bank of Peru to establish a reliable and efficient real-time payments platform within the country. UPI facilitates instant payments between individuals and businesses, thereby reducing reliance on cash-based transactions and expanding the use of digital payments to Peru’s large unbanked population. This also enables greater connectivity and interoperability with both domestic and international payment networks.

Meanwhile, Governor of the BCRP, Julio Velarde has acknowledged, Reserve Bank of India's support as a cornerstone for this agreement.

The support of the Reserve Bank of India has been a cornerstone of this agreement. The BCRP aims to promote financial inclusion, security, and efficiency and to introduce new use cases in digital payments. Additionally, we consider that this new infrastructure will play a fundamental role in fostering innovation and in allowing new participants to enter the Peruvian ecosystem”, said Julio Velarde.

Also watch: UPI transactions in India soar: Highest ever transactions seen in December 2023