First in South America: Peru to Implement UPI-based Payments Platform

NPCI International Payments Limited (NIPL) 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. This collaboration marks a significant milestone, making Peru the first country in South America to adopt the globally renowned Unified Payment Interface (UPI) technology—a symbol of India's pioneering excellence in digital payments.

L to R: Mr. Gunveer Singh, Chief General Manager in Charge Department of Payment and Settlement Systems, Reserve Bank of India (RBI), Shri. Vishvas Vidu Sapkal, Ambassador of India in Peru, Mr. Julio Velarde, Governor of the Central Reserve Bank of Peru (BCRP), Mr. Paul Castillo, General Manager of the Central Reserve Bank of Peru (BCRP), Mr. Ritesh Shukla, Chief Executive Officer, NPCI International Payments Limited (NIPL)

Transforming Payment Infrastructure

This strategic partnership empowers the BCRP to establish a reliable and efficient real-time payments platform within the country. This innovative system facilitates instant payments between individuals and businesses, thereby reducing reliance on cash-based transactions and expanding the use of digital payments to Peru’s large unbanked population. UPI’s collaborative and open banking ethos enables greater connectivity and interoperability with both domestic and international payment networks and will foster innovation and resilience in the Peruvian payment ecosystem.

Commenting on this development, Mr. Ritesh Shukla, CEO of NPCI International, said, “Our partnership with the BCRP aims to strengthen Peru’s financial infrastructure, to foster economic growth. We will be working together to address our common objective of promoting digital payments, financial inclusion, cost optimization, and transparency in the payment landscape, with scope for further scalability and adaptability, to embrace future technological advancements and market demands. It also reflects on our commitment towards advancing digital public goods across the globe. Once live, Peruvian citizens will gain access to an unparalleled level of convenience, security, and efficiency in financial transactions.”