NPCI joins forces with Peru Central Bank to launch UPI-based payments system

NPCI International Payments Limited (NIPL) has partnered with the Central Reserve Bank of Peru (BCRP), the primary monetary authority in Peru.

According to India Technology News, this collaboration aims to introduce a cutting-edge real-time payments system in Peru, modelled after India’s successful Unified Payment Interface (UPI).

The partnership aims to revolutionize Peru’s payment systems by implementing a UPI-like platform that supports real-time transactions. This strategic move is intended to reduce cash dependency, increase financial inclusion for the unbanked population, and enhance the overall efficiency and security of digital payments in Peru.

NPCI International Payments Limited (NIPL) specializes in the deployment of scalable and robust payment infrastructures globally, leveraging India’s UPI technology, renowned for its efficiency and wide adoption.

The Central Reserve Bank of Peru (BCRP) serves as Peru’s financial regulatory body, tasked with maintaining monetary stability, fostering a reliable banking system, and now advancing the country’s digital payments infrastructure.

This partnership signifies a significant development in Peru’s financial sector, marking the country as the first in South America to adopt the UPI technology. The system will enable instant payments and connect Peru to international payment networks, fostering greater innovation and resilience in its payment ecosystem.

The support from the Reserve Bank of India underscores the collaborative nature of this initiative, ensuring that the new payment infrastructure not only complements existing systems but also opens the door to innovative payment solutions and increased market participation.

“NPCI International Payments CEO Mr. Ritesh Shukla said, “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.

“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.”

About the agreement, Central Reserve Bank of Peru Governor Mr. Julio Velarde said, “We are delighted by this agreement with our new strategic partner, NPCI International. We believe this marks a significant step in strengthening and modernizing our 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.

“The BCRP aims to promote financial inclusion, security, and efficiency, and to introduce new use cases in digital payments. Additionally, we consider that this new infrastructure will play a fundamental role in fostering innovation and in allowing new participants to enter the Peruvian ecosystem. This will undoubtedly offer new and accessible payment services to everyone, especially the unbanked population in Peru, complementing the existing payments industry.”

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