Peru becomes first South American country to adopt NPCI’s UPI tech
The Central Reserve Bank of Peru (BCRP), also serving as the nation’s payment regulator, has formed a strategic partnership with NPCI International Payments Limited (NIPL) to create an instant payment system similar to that of the Unified Payments Interface (UPI) in India.
NPCI International tapped for UPI technology
The move, which makes Peru the first South American country to adopt the UPI tech, marks a “significant step in strengthening and modernising our payments system, aiming to expand access to digital payments in Peru”, states BCRP governor, Julio Velarde.
Moreover, Velarde adds that the bank anticipates the infrastructure playing “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,” his statement continues.
Commenting on the new partnership, Ritesh Shukla, CEO of NPCI International, says the two organisations will be “working together” to address several common objectives, including promoting financial inclusion, digital payments, cost optimisation, and “transparency in the payment landscape”.
Founded in 2020, NIPL, the international division of the National Payments Corporation of India (NCPI), began the year partnering with Google Pay to extend UPI’s reach, followed by a February collaboration with French payment firm Lyra Network to enable UPI payments in France.
