Peru Adopts India's UPI Technology for Real-Time Digital Payments

NPCI International Payments Limited (NIPL) and the Central Reserve Bank of Peru (BCRP) have partnered to implement a real-time payments system in Peru. This initiative aims to reduce cash transactions and promote digital payments, enhancing financial inclusion and efficiency, particularly benefiting Peru's unbanked population.

In a landmark collaboration, NPCI International Payments Limited (NIPL) and the Central Reserve Bank of Peru (BCRP) have forged a partnership to roll out a UPI-like real-time payments system in Peru. This historic initiative positions Peru as the first South American nation to embrace India's state-of-the-art Unified Payment Interface (UPI) technology, reflecting India's leadership in digital payment innovation.

With this strategic alliance, BCRP aims to transform the financial landscape of Peru by inaugurating a dependable and seamless real-time payments platform. This groundbreaking system is set to facilitate instant payments between individuals and businesses, minimizing dependency on cash transactions while significantly expanding digital payment adoption, particularly among the unbanked citizens of Peru. The UPI framework's collaborative ethos and its open banking principles are anticipated to enhance connectivity and interoperability with both domestic and international payment ecosystems, thereby nurturing innovation and resilience within Peru's financial sector.

Speaking on this promising development, Mr. Ritesh Shukla, CEO of NPCI International, highlighted, ''Our alliance with BCRP is aimed at bolstering Peru's financial structure and stimulating economic growth. Together, we are committed to advancing digital payments, fostering financial inclusion, and promoting cost efficiency and transparency within the payment landscape. The project is designed with scalability in mind, allowing Peru to adopt future technological advancements and meet evolving market demands. Once operational, Peruvian citizens will benefit from unprecedented levels of convenience, security, and efficiency in their financial transactions.''

Mr. Julio Velarde, Governor of the BCRP, expressed his enthusiasm, saying, ''We are thrilled about this partnership with NPCI International. It marks a pivotal step toward modernizing our payment infrastructure and widening the reach of digital payments in Peru. The support from the Reserve Bank of India has been crucial to this agreement. Our mission is to enhance financial inclusion, ensure transaction security, and introduce innovative digital payment use cases. We believe this new system will be instrumental in driving innovation and welcoming new players into the Peruvian payment ecosystem, offering accessible payment solutions to all, especially the unbanked.''

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)