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Peru has become the latest country to collaborate with NPCI International Payments to develop a real-time payments system modeled after India’s Unified Payments Interface (UPI).
The Central Reserve Bank of Peru has signed an agreement to implement a UPI-like system, which will facilitate instant payments between individuals and businesses. This initiative aims to reduce dependence on cash and provide a digital payment alternative for Peru’s sizable unbanked population.
Since its launch in 2016, UPI has been a cornerstone of India’s strategy to enhance financial inclusion through digital payments, with over 100 billion transactions processed to date.
Established in 2020, NPCI International aims to promote UPI and the RuPay card network beyond India. This year, the subsidiary has already forged partnerships with Namibia and Nepal’s largest payment network, and has teamed up with Google Pay to further its global reach.
Julio Velarde, Governor of the Central Reserve Bank of Peru, stated, “The BCRP aims to promote financial inclusion, security, and efficiency, and to introduce new use cases in digital payments. Additionally, we believe this new infrastructure will play a fundamental role in fostering innovation and enabling new participants to enter the Peruvian ecosystem.”
The adoption of UPI technology in Peru is expected to significantly enhance the country’s payment landscape, driving financial inclusion and supporting economic growth.
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