NPCI International Payments Limited (NIPL) and the Central Reserve Bank of Peru (BCRP) have announced a partnership to implement a real-time payments system in Peru, similar to India’s Unified Payments Interface (UPI). This collaboration positions Peru as the first South American nation to adopt UPI technology, highlighting India’s leadership in digital payments.

The strategic partnership aims to create a reliable and efficient platform for instant payments between individuals and businesses in Peru, reducing dependence on cash and extending digital payment access to the country’s large unbanked population. UPI’s collaborative and open banking framework will enhance connectivity and interoperability with both domestic and international payment networks, fostering innovation and resilience in Peru’s payment ecosystem.

Ritesh Shukla, CEO of NPCI International, stated, “Our collaboration with the BCRP seeks to bolster Peru’s financial infrastructure and drive economic growth. We aim to promote digital payments, financial inclusion, cost efficiency, and transparency, while ensuring the system’s scalability and adaptability to future technological advancements. This partnership underscores our commitment to advancing digital public goods globally. Once operational, Peruvian citizens will benefit from unparalleled convenience, security, and efficiency in financial transactions.”

Julio Velarde, Governor of the BCRP, expressed enthusiasm about the agreement, noting, “This partnership with NPCI International represents a crucial step in modernizing our payments system and expanding access to digital payments in Peru. The support of the Reserve Bank of India has been instrumental. Our goal is to enhance financial inclusion, security, and efficiency, introducing new use cases in digital payments. This new infrastructure will foster innovation and allow new participants in Peru’s payment ecosystem, offering accessible payment services to everyone, especially the unbanked.”