NIPL and Central Bank of Peru Partner To Enable real-time Payments System By CIOTechOutlook Team

NIPL and Central Bank of Peru Partner To Enable real-time Payments System

CIOTechOutlook Team | Thursday, 06 June 2024, 04:59 IST

NPCI International Payments Limited (NIPL) and the Central Reserve Bank of Peru (BCRP) have declared an agreement to empower the sending of a UPI-like real-time payments framework in Peru. This coordinated effort makes Peru the principal country in South America to take on Unified Payment Interface (UPI) innovation, an image of India's spearheading greatness in digital payments.

The agreement will engage Central Reserve Bank of Peru to lay out a dependable and productive real-time payments platform inside the nation. This creative framework works with instant payments among people and organizations, subsequently decreasing dependence on cash-based exchanges and extending the utilization of digital payments to Peru's enormous unbanked population.

"Our partnership with the BCRP aims to strengthen Peru's financial infrastructure, to foster economic growth. We will be working together to address our common objective of promoting digital payments, financial inclusion, cost optimization, and transparency in the payment landscape, with scope for further scalability and adaptability, to embrace future technological advancements and market demands. It also reflects on our commitment towards advancing digital public goods across the globe" said Ritesh Shukla, CEO of NPCI International.

UPI's cooperative and open banking ethos empowers more prominent availability and interoperability with both homegrown and international payment networks and will encourage development and flexibility in the Peruvian payment ecosystem. The agreement among India and Peru plans to invigorate Peru's financial infrastructure and spike its financial development.