Peru Embraces UPI-like Payment System, a First for South America
In a groundbreaking move, NPCI International Payments Limited (NIPL) has partnered with Peru’s central bank to introduce an instant payments system similar to India’s Unified Payments Interface (UPI). This marks the first such initiative in South America, positioning Peru as a leader in digital payments innovation on the continent.
Ritesh Shukla, CEO of NIPL, highlighted the collaboration’s potential to revolutionize Peru’s financial infrastructure, enhancing convenience, security, and efficiency for users. Julio Velarde, Governor of the Central Reserve Bank of Peru (BCRP), praised the Reserve Bank of India’s role in facilitating this partnership and reaffirmed BCRP’s commitment to financial inclusion and digital innovation.
This initiative is part of NPCI’s broader strategy to globalize UPI, with similar ventures previously launched in Namibia and other countries. Nations that have embraced UPI include Sri Lanka, Mauritius, France, UAE, Singapore, Bhutan, and Nepal. A notable milestone is the UPI-PayNow linkage between India and Singapore, enabling seamless international transfers since January 2024.
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