NPCI Partners With Peru To Develop UPI-Like Instant Payment System
With this, Peru becomes the first country in South America to adopt UPI technology.
NPCI International Payments Ltd. has inked a pact with the Central Reserve Bank of Peru to facilitate the deployment of an instant payments system using Unified Payments Interface technology in the country, according to a press release.
With this, Peru becomes the first country in South America to adopt UPI technology.
The partnership aims to empower the Peruvian central bank to establish a reliable and efficient real-time payment platform within the country. This will reduce dependence on cash for transactions while expanding digital payments in the country, the release said.
"UPI’s collaborative and open banking ethos enables greater connectivity and interoperability with both domestic and international payment networks and will foster innovation and resilience in the Peruvian payment ecosystem," NPCI said in the release on Wednesday.
Just a month ago, the payments regulator entered into an agreement with the Bank of Namibia to develop a system like UPI. In February, Sri Lanka rolled out India's UPI services in the country, enabling Indian travellers to make QR code-based payments at merchant locations in Sri Lanka using UPI apps. Further, India launched RuPay cards and UPI connectivity in Mauritius to ensure seamless payments using UPI apps in the country, and vice versa.
The Mauritius Central Automated Switch Card Scheme, with the adoption of RuPay technology, aims to enable Mauritian banks to issue RuPay cards domestically. Thus, Mauritius became the first country outside Asia to issue cards using RuPay technology.
According to its annual report dated May 30, the RBI will work towards taking UPI to 20 countries, aligning with goals for Vikasit Bharat 2047. It aims to initiate the groundwork in FY25 and complete it by fiscal year 2029.
"Fast Payment System collaboration with groups of countries like the European Union and the South Asian Association for Regional Cooperation, as well as multilateral linkages, will be explored," RBI said in the annual report.
