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

Current Context: NPCI International Payments Limited (NIPL) and the Central Reserve Bank of Peru (BCRP) announced a partnership on June 5, 2024.

• 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

Answer: D) Peru is the first country in South America to adopt the globally renowned Unified Payment Interface (UPI) technology.