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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.
The development follows NPCI’s push to take UPI rails international after breaking into other markets such as France, Sri Lanka, Singapore, and Mauritius.
In January 2024, NPCI announced the launch of the UPI-PayNow linkage that enables Indians to receive remittances directly into their bank accounts from Singapore and vice-versa.
In February this year, it announced a partnership with e-commerce and proximity payments company Lyra, to enable UPI acceptance in France.
The same month, UPI services were rolled out in Sri Lanka and Mauritius.