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

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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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