NPCI International Payments Ltd (NIPL) and the Reserve Bank of Peru have announced a partnership to enable a UPI-like real-time payment system in the Latin American country.

This collaboration marks a significant milestone, making Peru the first country in South America to adopt the globally renowned Unified Payment Interface (UPI) technology, NIPL said in a statement.

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“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,” it said.

This strategic partnership empowers the BCRP to establish an efficient real-time payment platform within the country and facilitates instant payments between individuals and businesses.

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 optimisation, and transparency in the payment landscape, with scope for further scalability and adaptability, to embrace future technological advancements and market demands.”

Julio Velarde, governor of the BCRP, said, “The support of the Reserve Bank of India has been a cornerstone of this agreement. The BCRP aims to promote financial inclusion, security, and efficiency, and to introduce new use cases in digital payments.”

“Additionally, we consider that this new infrastructure will play a fundamental role in fostering innovation and in allowing new participants to enter the Peruvian ecosystem. This will undoubtedly offer new and accessible payment services to everyone, especially the unbanked population in Peru, complementing the existing payments industry.”

NIPL is a wholly owned subsidiary of the National Payments Corporation of India.