Peru to adopt UPI technology, first South American country to do so

Peru will soon have a UPI-like instant payments system, as NPCI International Payments Limited (NIPL) — the international arm of the National Payments Corporation of India (NPCI) — on Wednesday inked a pact with the central bank of the South American country to develop the technology.

This is NIPL’s second partnership with a central bank to deploy the Unified Payments Interface (UPI) stack in the international market. In May this year, the payments body entered into an agreement with the Bank of Namibia (BoN) for developing an instant payment system like UPI in the African nation.