The Central Bank of the Republic of Peru (BCRP) will create a similar payment interface system

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

The new system will promote financial inclusion in Peru, which has a large unbanked population, with India’s UPI enabling offline transactions. This will also improve interoperability between local and international payment systems.

More payment options for Peru

BCRP Governor Julio Velarde said the system would play a role in “allowing new participants to enter the Peruvian ecosystem” while “complementing the existing payments sector.” The launch date has not been announced.

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UPI users can link multiple bank accounts in their mobile app and use virtual payment addresses, phone numbers and QR codes for payments around the clock. According to an official release from the Crisis Prevention and Relief Bureau bearing:

“The goal of the BCRP is to promote increased access, security, repeatability and efficiency, as well as facilitate the introduction of new use cases in digital payments.”

UPI walks

NIPL was established in 2020. Sri Lanka, Mauritius, France, UAE, Singapore, Bhutan and Nepal officially support the UPI system. It is working with the Bank of Namibia to develop a UPI-style payment system there, under an agreement concluded in May.

Source: India, Peru and Bolivia

Google Pay and financial institutions in the United States, Japan, China and Singapore have partnered with NIPL. The first country where UPI was deployed was Singapore, in partnership with PayNow in February 2023.

There are at least two stable currencies linked to the Peruvian soil. The country has also been planning to deploy a central bank digital currency (CBDC) since 2021. BCRP has partnered with the monetary authorities of China, India, Singapore and Hong Kong to develop a central bank digital currency (CBDC). ) in 2021. A year before India officially launches its pilot program for retail central bank digital currencies.

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