Peru set to get its own UPI-inspired real-time payments system soon

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Peru will implement by next year the UPI-like real-time digital payments system, according to Peruvian Ambassador Javier Manuel Paulinich Velarde.

Significantly, NPCI International Payments Limited (NIPL) and the Central Reserve Bank of Peru (BCRP) had first announced a landmark partnership to introduce the real-time payments system in Peru in 2024.

Once implemented, it will make Peru the first South American country to adopt the Unified Payment Interface (UPI) technology.

"This is a complex system. There were lots of experts visiting Peru regarding that. We are hoping to implement it by next year," Javier Manuel Paulinich Velarde told ANI, when asked about the timeline for its implementation.

Velarde praised the "magnificent" financial tool, and said "It will be very useful and will promote financial inclusion" in Peru.

The UPI-like system will facilitate instant payments between individuals and businesses, and expand the use of digital payments to Peru's unbanked population.

Developed by the National Payments Corporation of India (NPCI), the Unified Payments Interface (UPI) is a real-time digital payment system that enables instant money transfers between bank accounts through mobile phones.

Launched in 2016, it has become one of the world's most successful digital payment platforms, handling over a billion transactions a day and transforming India into a global leader in low-cost, fast, and secure digital payments.

India’s Unified Payments Interface (UPI) is rapidly expanding beyond domestic borders, with several countries now adopting or accepting the platform for real-time digital payments. Nations such as Singapore, UAE, France, Bhutan, Nepal, Mauritius and Sri Lanka already support UPI-based QR payments through partnerships with NPCI International Payments Ltd (NIPL), enabling Indian travellers to make seamless merchant payments abroad. Countries like Qatar and Oman are also integrating UPI for cross-border transactions, while multiple others are in discussions to link their instant payment systems with UPI’s low-cost, real-time architecture.

With ANI inputs