Peru adopts India’s UPI system to boost financial inclusion

The Indian instant payment system is gradually making its way around the world. Soc India and Peru collaborate on payments

The Central Bank of the Republic of Peru (BCRP) will create a system similar to India’s Unified Payments Interface (UPI) under an agreement with the National Payments Corporation of India International Payments (NIPL). The Reserve Bank of India (RBI), which co-founded the National Payments Corporation, collaborated with the BCRP in the deal.

The new system will promote financial inclusion in Peru, which has a large unbanked population, as India’s UPI enables offline transactions. It will also enhance interoperability among domestic and international payment systems.

BCRP Governor Julio Velarde said the system will play a role in “allowing new participants to enter the Peruvian ecosystem” while “complementing the existing payments industry.” No launch date was announced.

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