NPCI International Payments Limited (NIPL) and the Central Reserve Bank of Peru (BCRP) have announced a landmark partnership to introduce a UPI-like real-time payments system in Peru. This collaboration makes Peru the first South American country to adopt the Unified Payment Interface (UPI) technology, showcasing India’s leadership in digital payments.

This strategic partnership will empower BCRP to build a robust and efficient real-time payments platform in Peru. The innovative system will facilitate instant payments between individuals and businesses, reducing reliance on cash transactions and promoting digital payments among Peru’s large unbanked population.

UPI’s collaborative and open banking model promotes greater connectivity and interoperability with both domestic and international payment networks. This will drive innovation and resilience in the Peruvian payment ecosystem.

Ritesh Shukla, CEO of NPCI International, commented, “Our partnership with BCRP aims to strengthen Peru’s financial infrastructure and foster economic growth. Together, we will work to promote digital payments, financial inclusion, cost optimization, and transparency in the payment landscape. This collaboration reflects our commitment to advancing digital public goods globally. Once live, Peruvian citizens will experience unmatched convenience, security, and efficiency in financial transactions.”

Julio Velarde, Governor of BCRP, expressed his enthusiasm about the agreement, stating, “We are delighted to partner with NPCI International. This marks a significant step in strengthening and modernizing our payment systems, aiming to expand the reach and efficiency of financial services in Peru.”

This partnership is expected to bring numerous benefits to the Peruvian economy, including increased financial inclusion and reduced transaction costs. The new system will help integrate more people into the financial system, offering them access to fast, secure, and reliable digital payments. As Peru embraces this cutting-edge technology, it sets a precedent for other countries in the region to follow suit, paving the way for a more connected and financially inclusive world.