South American first: Peru implements India¡¯s UPI for instant payments

NPCI International Payments Ltd (NIPL) and the Central Reserve Bank of Peru (BCRP) have announced a partnership to introduce a real-time payment system in Peru, similar to India's UPI.This partnership is a major step, making Peru the first South American country to use the well-known Unified Payment Interface (UPI) technology, according to NIPL.

NIPL said, ¡°NPCI International Payments Limited and the Central Reserve Bank of Peru have announced a partnership to deploy a UPI-like real-time payments system in Peru.¡±

Real-time payment platform in Peru

This partnership will help BCRP create an efficient real-time payment platform in Peru, enabling instant payments between people and businesses.

Ritesh Shukla, CEO of NPCI International, stated, ¡°Our partnership with the BCRP aims to improve Peru¡¯s financial system and promote economic growth. We will work together to promote digital payments, financial inclusion, cost efficiency, and transparency, with the potential for future growth and adaptation to new technologies and market needs.¡±

READ ALSO: Good News! RBI To Enable Users To Deposit Cash At ATMs Using UPI; All You Need To Know

South American First: Peru Implements India¡¯s UPI for Instant Payments

Julio Velarde, governor of the BCRP, said, ¡°The support of the Reserve Bank of India has been crucial for this agreement. The BCRP aims to promote financial inclusion, security, and efficiency in digital payments.¡±

How This Partnership Will Be Helpful

This partnership aims to create a seamless and efficient real-time payment platform in Peru. This system will enable instant transactions between individuals and businesses, improving financial efficiency and accessibility across the country.

UPI Agreement Between India and Singapore

Earlier this year, NPCI introduced the UPI-PayNow linkage, allowing direct remittances between India and Singapore. Additionally, NPCI partnered with Lyra to bring UPI services to France and extended UPI services to Sri Lanka and Mauritius.

READ ALSO: Bill Gates Meets PM Modi: From AI, UPI To 'Vocal For Local', Here¡¯s Everything They Discussed

What Is NIPL?

NIPL is a subsidiary of the National Payments Corporation of India (NPCI).

What Work Does NIPL Do?

NIPL is expanding internationally, with UPI systems already launched in France, Sri Lanka, Singapore, and Mauritius.

¡°We believe this new system will encourage innovation and allow new participants into the Peruvian market, offering new and accessible payment services to everyone, especially those without bank accounts, complementing the current payment industry.¡±

NIPL is fully owned by the National Payments Corporation of India.

The Indian embassy in Lima (Peru and Bolivia) described the partnership as a new chapter in FinTech cooperation between India and Peru.

For the latest and more interesting financial news, keep reading Indiatimes Worth. Click here