Peru Becomes the First South American Nation to Adopt UPI Technology
In a groundbreaking development, Peru has become the first South American country to adopt India's Unified Payment Interface (UPI) technology. The Central Reserve Bank of Peru (BCRP) and NPCI International Payments Limited (NIPL) announced their collaboration to introduce a real-time payments system in Peru, modeled after India's successful UPI system. This partnership marks a significant milestone in digital payments, emphasizing India's pioneering role in the global fintech landscape. Julio Velarde, the Governor of the Central Reserve Bank of Peru, hailed this agreement as a monumental step towards modernizing Peru’s payments system. By adopting UPI technology, Peru aims to create a reliable and efficient real-time payments platform that will facilitate instant transactions between individuals and businesses. This initiative is expected to drastically reduce the reliance on cash-based transactions and promote the use of digital payments, particularly among Peru...
