Peru becomes first South American country to adopt NPCI’s UPI tech

Summary of BCRP and NPCI International Partnership:

• Partnership Overview:
  • Central Reserve Bank of Peru (BCRP) partners with NPCI International Payments Limited (NIPL).
  • Aim: Create an instant payment system similar to India’s Unified Payments Interface (UPI).
• Significance:
  • Peru is the first South American country to adopt UPI technology.
  • Enhances and modernizes Peru’s payment system.
• Goals and Benefits:
  • Julio Velarde (BCRP Governor):
    • Infrastructure will foster innovation and new participants in the Peruvian payments ecosystem.
    • Provides accessible payment services, particularly for the unbanked population.
  • Ritesh Shukla (CEO of NPCI International):
    • Focus on promoting financial inclusion, digital payments, cost optimization, and transparency.
• NPCI International’s Recent Activities:
  • Founded in 2020.
  • Partnered with Google Pay to extend UPI’s reach.
  • Collaborated with French payment firm Lyra Network to enable UPI payments in France.