Peru is the latest country to enlist NPCI International Payments to help build a real-time payments system based on India's UPI.
The Central Reserve Bank of Peru has signed a deal to deploy the UPI-like system enabling instant payments between individuals and businesses, reducing 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.
Julio Velarde, governor Central reserve Bank of Peru, says: "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."