Peru Partners with NPCI to Develop UPI-like Payments System, Becomes First South American Nation to Do So
In a groundbreaking move, NPCI International Payments Limited (NIPL) has joined forces with the central bank of Peru to establish a fast instant payments system inspired by India’s Unified Payments Interface (UPI).
This collaboration signifies NIPL’s second venture with a central bank to introduce the UPI stack in global markets. Earlier this year, NIPL had teamed up with the Bank of Namibia (BoN) to spearhead an instant payment system similar to UPI in the African nation.
Ritesh Shukla, CEO of NIPL, highlighted the significance of this partnership, stating, “Our collaboration with the BCRP is aimed at bolstering Peru’s financial infrastructure to drive economic progress. By implementing this cutting-edge system, Peruvian residents will benefit from unparalleled convenience, security, and efficiency in their financial transactions.”
The primary goal of this initiative is to enable real-time payments between individuals and businesses while expanding the reach of digital payments to the unbanked population in Peru.
Julio Velarde, Governor of the Central Reserve Bank of Peru (BCRP), recognized the pivotal role played by the Reserve Bank of India (RBI) in fostering this partnership. He underscored the BCRP’s commitment to enhancing financial inclusion, security, and efficiency, introducing innovative use cases in digital payments, and fostering a culture of innovation in the Peruvian payment landscape.
This strategic move aligns with NPCI’s overarching strategy to globalize UPI services, following successful expansions into various international markets.
List of Nations Officially Supporting UPI Payments:
– Sri Lanka
– Mauritius
– France
– UAE
– Singapore
– Bhutan
– Nepal
Notable milestones in this international expansion include the UPI-PayNow linkage launched by NPCI in January 2024, enabling seamless transfers between India and Singapore.