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NPCI International joined hands with the Reserve Bank of Peru to enable UPI payments

Published on June 07, 2024
Current Context: NPCI International Payments Limited (NIPL) and the Central Reserve Bank of Peru (BCRP) announced a partnership on June 5, 2024.
NPCI International joined hands with the Reserve Bank of Peru to enable UPI payments
  • The aim of the partnership is to enable the deployment of a UPI-like real-time payments system in Peru.
  • This makes Peru the first country in South America to adopt the globally renowned Unified Payment Interface (UPI) technology.
  • The new system will facilitate instant payments between individuals and businesses, reducing reliance on cash-based transactions.
  • The partnership aims to strengthen Peru’s financial infrastructure, promote digital payments, financial inclusion, cost optimization, and transparency.
  • The new infrastructure is expected to foster innovation and allow new participants to enter the Peruvian ecosystem.

Question:

1 Which country is the first in South America to adopt the UPI technology?

  • A) Brazil
  • B) Argentina
  • C) Chile
  • D) Peru
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