Peru has partnered with NPCI International Payments to establish a real-time payments system modeled after India’s UPI. The Central Reserve Bank of Peru has signed an agreement to implement this UPI-like platform, which will facilitate instant payments between individuals and businesses, aiming to reduce cash dependency and extend digital payment options to the country’s significant unbanked population.
Since its launch in 2016, UPI has been instrumental in advancing digital payments in India, successfully managing over 100 billion transactions. NPCI’s international subsidiary, established in 2020, focuses on expanding UPI and the RuPay card network beyond Indian borders. Earlier this year, it secured partnerships with Namibia and Nepal’s largest payment network, and has collaborated with Google Pay to further enhance its global reach.
Julio Velarde, Governor of the Central Reserve Bank of Peru, stated, “The BCRP aims to promote financial inclusion, security, and efficiency, while introducing new use cases in digital payments. We believe that this new infrastructure will be crucial in fostering innovation and enabling new participants to thrive in the Peruvian ecosystem.”