NPCI International Payments Ltd (NIPL) and the Reserve Bank of Peru have announced a partnership to introduce a real-time payment system similar to UPI in Peru.
This collaboration is significant as it makes Peru the first country in South America to adopt the Unified Payment Interface (UPI) technology, according to NIPL.
“NPCI International Payments Limited and the Central Reserve Bank of Peru (BCRP) have partnered to implement a UPI-like real-time payments system in Peru,” the statement said.
This strategic partnership will help the BCRP create an efficient real-time payment platform in Peru, allowing instant payments between individuals and businesses.
Ritesh Shukla, CEO of NPCI International, said, “Our partnership with the BCRP aims to strengthen Peru’s financial infrastructure and promote economic growth. We will work together to promote digital payments, financial inclusion, cost optimization, and transparency in the payment system, with potential for further growth and adaptation to future technological advances and market demands.”
Julio Velarde, Governor of the BCRP, said, “Support from the Reserve Bank of India has been crucial for this agreement. The BCRP aims to promote financial inclusion, security, and efficiency, and to introduce new digital payment options.”
“This new infrastructure will play a key role in encouraging innovation and allowing new participants to join the Peruvian financial system. It will offer new and accessible payment services to everyone, especially the unbanked population in Peru, complementing the existing payments industry.”
NIPL is a wholly owned subsidiary of the National Payments Corporation of India.