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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.

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