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NPCI International and Central Reserve Bank of Peru Partner to Launch UPI-Like Real-Time Payments System

NPCI International Payments Limited and Central Reserve Bank of Peru partner to launch a UPI-like real-time payments system, enhancing financial inclusion and digital payments in Peru.

In a historic move highlighting India’s leadership in digital payment solutions, NPCI International Payments Limited (NIPL) and the Central Reserve Bank of Peru (BCRP) have announced a strategic partnership to introduce a UPI-like real-time payments system in Peru.

This landmark collaboration makes Peru the first South American nation to adopt the globally renowned Unified Payment Interface (UPI) technology, signifying a significant leap in its digital payment infrastructure.

A Significant Milestone in Digital Payments

This partnership will empower the BCRP to develop a robust and efficient real-time payment platform in Peru.

The innovative system is set to revolutionize financial transactions by enabling instant payments between individuals and businesses.

Thus, it will reduce the dependency on cash and extend digital payment services to Peru’s large unbanked population.

UPI’s collaborative and open banking ethos promotes excellent connectivity and interoperability with domestic and international payment networks, fostering innovation and resilience in Peru’s payment ecosystem.

Key BenefitsImpact
Real-time paymentsInstant transactions between individuals and businesses
Reduced reliance on cashIncreased digital payment adoption
Financial inclusionAccess for unbanked populations
Greater connectivity and interoperabilityEnhanced network connections and innovation
Economic growthStrengthened financial infrastructure

Transforming Peru’s Financial Landscape

Mr. Ritesh Shukla, CEO of NPCI International, emphasized the broader implications of this partnership, stating:

“Our collaboration with the BCRP aims to bolster Peru’s financial infrastructure and foster economic growth. By promoting digital payments, financial inclusion, and cost optimization, we are committed to advancing digital public goods globally. Once operational, Peruvian citizens will enjoy unparalleled convenience, security, and efficiency in financial transactions.”

Mr. Julio Velarde, Governor of the BCRP, expressed his enthusiasm for the agreement, highlighting its transformative potential.

“This partnership with NPCI International marks a significant step in modernizing our payment system. With the support of the Reserve Bank of India, we aim to enhance financial inclusion, security, and efficiency by introducing new digital payment use cases. This new infrastructure will foster innovation, allowing new participants to enter the Peruvian ecosystem and offer accessible payment services to everyone, especially the unbanked.”

Looking Ahead: A New Era for Digital Payments in Peru

This strategic partnership underscores a commitment to leveraging advanced technology to drive financial inclusion and economic progress.

By adopting the UPI technology, Peru is poised to enter a new era of digital payments, with far-reaching benefits for its citizens and the broader economy.

As the implementation progresses, stakeholders anticipate a ripple effect of innovations and improvements in the Peruvian payment landscape, setting a precedent for other countries in the region to follow.

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