NPCI International And Peru Partner To Launch UPI-Like Payments System, First In South America

UPI in Peru: This initiative marks Peru as the first South American country to adopt the globally acclaimed UPI technology, says NPCI International Payments Ltd

UPI in Peru: NPCI International Payments Ltd (NIPL) and the Reserve Bank of Peru (BCRP) have announced a collaboration to implement a Unified Payment Interface (UPI)-like real-time payments system in Peru. This initiative marks Peru as the first South American country to adopt the globally acclaimed UPI technology, NIPL confirmed in a statement.

The partnership aims to empower the BCRP to establish a seamless and efficient real-time payments platform, facilitating instant transactions between individuals and businesses within Peru.

Ritesh Shukla, CEO of NPCI International, said that this collaboration is poised to bolster Peru's financial infrastructure and drive economic growth. "The support of the Reserve Bank of India (RBI) has been a cornerstone of this agreement. The BCRP (Central Reserve Bank of Peru) aims to promote financial inclusion, security, and efficiency, and to introduce new use cases in digital payments. Additionally, we consider that this new infrastructure will play a fundamental role in fostering innovation and in allowing new participants to enter the Peruvian ecosystem," said Julio Velarde, BCRP Governor.

NIPL, a subsidiary of the National Payments Corporation of India, continues its international expansion with this venture. Prior to Peru, NPCI has successfully introduced UPI systems in several markets, including France, Sri Lanka, Singapore, and Mauritius.

In January 2024, NPCI launched the UPI-PayNow linkage, enabling direct remittances between India and Singapore. Following this, in February, NPCI partnered with Lyra, an e-commerce and proximity payments company, to facilitate UPI acceptance in France. UPI services were also extended to Sri Lanka and Mauritius in the same month.

Further expanding its global footprint, Maldives is set to introduce India's RuPay service. This move, as noted by a senior Maldivian minister, is expected to fortify the Maldivian rufiyaa (MVR). RuPay, developed by NPCI, is India's leading global card payment network, widely accepted across ATMs, POS devices, and e-commerce platforms throughout India.