New Delhi: In a major boost for Indian financial technology, National Payments Corp of India’s global arm, NPCI International Payments (NIPL) inked an agreement with the Reserve Bank of Peru to roll out UPI-like real-time payments system in the South American country. Peru has become the first South American country to adopt UPI technology, according to an official statement.
NIPL inked a similar agreement with the Bank of Namibia for the development of a UPI-like payments system last month. Namibia is a Southwest African nation and the latest deal indicates the canvas and popularity of the UPI payments system, garnering applause and requests for technology transfer from NPCI.
UPI, or unified payments interface, is a peer-to-peer and peer-to-merchant payments technology developed in India which allows users to transact in real-time using their mobile phones, whose numbers are linked to their bank account. UPI facilitates real-time transactions between the payer’s and receiver’s bank accounts.
“NPCI International Payments Limited and the Central Reserve Bank of Peru (BCRP) have announced a partnership to enable the deployment of a UPI-like real-time payments system in Peru,” said NIPL. Under the partnership, NIPL will work with the Peruvian central bank to develop a peer-to-peer and peer-to-merchant payments system similar to UPI. The move is aimed at strengthening Peru’s financial infrastructure, said NIPL CEO Ritesh Shukla.
NIPL in a post on social media platform X said that it was “committed to advancing digital public goods globally”, while expressing its excitement related tp striking the deal to enhance Peru’s “digital financial landscape”.
Read more about the partnership:
NPCI International is proud to announce its partnership with Central Reserve Bank of Peru, to enable the development of a UPI-like real-time payments platform in Peru. This collaboration aims at strengthening Peru’s payments infrastructure, fostering economic growth and financial… pic.twitter.com/jGs0pxFha5
— NPCI (@NPCI_NPCI) June 5, 2024
Reserve Bank of Peru governor Julio Velarde said the deal is aimed at expanding access to digital payments in the country. The central bank of Peru also expects new players to join the country’s ecosystem after this deal. He said the deal will surely offer “new and accessible payment services to everyone, especially the unbanked population in Peru.
The Reserve Bank of Peru has become the first country in South America to ink an agreement with NPCI International, the global arm of NPCI, to co-develop a technology similar to UPI for real-time payments. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
