Peru Adopts India's UPI Technology to Boost Financial Inclusion

NPCI International Payments Limited (NIPL) has partnered with the Central Reserve Bank of Peru (BCRP) to introduce a Unified Payment Interface (UPI)-like payment system in Peru, marking the first implementation of this technology in South America. This collaboration aims to transform Peru’s payment landscape by offering innovative, accessible payment solutions that cater especially to the unbanked population. Julio Velarde, Governor of the BCRP, highlighted this new infrastructure's pivotal role in promoting financial inclusion and fostering innovation within the country.

Governor Velarde emphasized that the Reserve Bank of India's support has been crucial in achieving this milestone. He expressed confidence that this new payment system will complement Peru’s financial ecosystem by enabling new participants to enter the market and provide diverse payment services. The initiative is expected to significantly enhance the reach of digital payments, making them more accessible to all segments of society.

Ritesh Shukla, CEO of NIPL, shared his enthusiasm for the partnership, stating that it aims to strengthen Peru's financial infrastructure and foster economic growth. Shukla noted that the collaboration would promote digital payments, financial inclusion, cost optimization, and transparency in Peru’s payment landscape. He also mentioned that the system is designed to be scalable and adaptable to future technological advancements and market needs.