Groundbreaking UPI Technology Launches in Peru: A South American First
Hey FinTech Fanatic!
NPCI International Payments Limited (NIPL) has partnered with the Central Reserve Bank of Peru (BCRP) to introduce a real-time payments system in Peru, similar to the Unified Payments Interface (UPI).
This partnership is a significant milestone, positioning Peru as the first South American country to implement the globally acclaimed UPI technology, showcasing India's leadership in digital payment innovation.
The Central Reserve Bank of Peru has signed this deal to deploy the UPI-like system enabling instant payments between individuals and businesses, to reduce reliance on cash and expanding the use of a digital alternative to Peru’s large unbanked population.
Launched in 2016, the UPI has been central to India's efforts to use digital payments to boost financial inclusion and has now handled well over 100 billion transactions.
The NPCI international subsidiary was set up in 2020 to push the UPI, as well as the RuPay card network, outside of India. Earlier this year, the unit struck deals with Namibia and Nepal's largest payment network and it has also joined forces with Google Pay to accelerate global expansion.
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#FINTECHREPORT
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