NPCI International Payments Limited (NIPL) has entered a collaboration with the Central Reserve Bank of Peru (BCRP) to allow the deployment of a UPI-like system in Peru. As part of their partnership, NIPL and the BCRP intend to enable the deployment of a UPI-like real-time payment system in the region, with their move allowing Peru to become one of the first countries in South America to integrate the Unified Payment Interface (UPI) technology.

Through this strategic alliance, the BCRP is set to develop a convenient and efficient real-time payment platform within the country, with the system facilitating instant payments between individuals in businesses. The service aims to minimise reliance on cash-based payments and expand the use of digital transactions to Peru’s unbanked population. In addition, UPI’s collaborative and Open Banking capabilities focus on enabling increased connectivity and interoperability with both domestic and international payment networks, thus fostering resilience and improvement in the Peruvian payment landscape. NIPL and the BCRP’s plans According to NIPL’s officials, the partnership with the BCRP intends to solidify Peru’s financial infrastructure and foster economic expansion.

The two organisations plan to work together to address their common purpose of promoting digital payments, financial inclusion, cost optimisation, and transparency in the payment sector while focusing on further scalability and adaptability. After the launch, Peruvian citizens are set to receive access to an increased level of convenience and security in financial transactions. Moreover, representatives from the BCRP underlined that the collaboration supports the enhancement and modernisation of its payment system, whilst expanding access to digital payments in Peru. Additionally, the BCRP mentions its commitment to promoting financial inclusion, safety, and efficiency, and to introducing more use cases in digital payments.

Also, the current announcement is set to deliver new and accessible payment services, specifically for the unbanked population in the region. .