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Peru Adopts India's UPI-Inspired Instant Payment System

© Photo : Социальные сети / UPIUPI
UPI - Sputnik India, 1920, 05.06.2024
UPI's ethos of collaboration and inclusivity boosts connections and compatibility with both local and international payment systems, sparking creativity and strengthening Peru's payment framework.
Indian financial firm NPCI International Payments Limited (NIPL) and the Central Reserve Bank of Peru (BCRP) unveiled a joint effort to introduce a real-time payment system in Peru on Wednesday. The new system is similar to India's Unified Payment Interface (UPI).
Peru becomes the first South American country to embrace the widely-recognized UPI technology, emblematic of India's leading role in digital payment innovation.
This partnership empowers the "BCRP to establish a reliable and efficient real-time payments platform within the country," as per the press release.

"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," said Ritesh Shukla, CEO of NPCI International.

This groundbreaking system streamlines immediate payments between individuals and businesses, diminishing dependence on cash transactions and broadening the adoption of digital payments among Peru's extensive unbanked populace.

"It also reflects on our commitment towards advancing digital public goods across the globe. Once live, Peruvian citizens will gain access to an unparalleled level of convenience, security, and efficiency in financial transactions," Shukla added.

Julio Velarde, BCRP governor, likewise expressed satisfaction with the partnership with NPCI International and acknowledged the essential support provided by the Reserve Bank of India in making this agreement possible.

"We are delighted by this agreement with their new strategic partner, NPCI International. We believe this marks a significant step in strengthening and modernizing their payments system, aiming to expand access to digital payments in Peru. The support of the Reserve Bank of India has been a cornerstone of this agreement," he noted.

Unified Payments Interface (UPI) - Sputnik India, 1920, 11.05.2024
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