NPCI & Central Reserve Bank of Peru Partners to expand Online Payment system
NPCI International Payments Limited (NIPL) and the Central Reserve Bank of Peru (BCRP) has recently joined hands to introduce their India's UPI-like real-time payments system in Peru.
This union will make Peru the first country in South America to adopt the renowned UPI technology from India.This partnership is targeting to create a reliable and efficient payment platform that facilitates instant payments between individuals and businesses. It will reduce the dependence on cash transactions and will enhance digital payment usage among Peru’s unbanked population.
This strategic partnership will enable Peru in uplifting their financial infrastructure. The introduction of this new system is expected to boost economic growth, promote financial inclusion, and improve transparency in the payment landscape.
The CEO of NPCI International, Ritesh Shukla said,“Our partnership with the BCRP aims to strengthen Peru’s financial infrastructure, to foster economic growth."
He also mentioned that, both the countries will work together to fulfill the common concerns and queries in order to promote digital payments, financial inclusion, cost optimization, and transparency in the payment landscape. The scope of further scalability and adaptability, to embrace future technological advancements and market demands will be uplifted.
Commenting about this revolutionary partnership, Julio Velarde, Governor of the BCRP, said, “We believe this marks a significant step in strengthening and modernizing our payment system, aiming to expand access to digital payments in Peru. The support of the Reserve Bank of India has been a cornerstone of this agreement."
This partnership with Peru is part of NPCI’s broader strategy to expand its successful UPI technology internationally. NIPL has previously entered into similar agreements, such as with the Bank of Namibia for a UPI-like system in Africa. Other notable international collaborations of NPCI include the UPI-PayNow linkage between India and Singapore, and UPI acceptance agreements in France, Sri Lanka, and Mauritius.
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