Groundbreaking UPI Technology Launches in Peru: A South American First

Hey FinTech Fanatic!

NPCI International Payments Limited (NIPL) has partnered with the Central Reserve Bank of Peru (BCRP) to introduce a real-time payments system in Peru, similar to the Unified Payments Interface (UPI).

This partnership is a significant milestone, positioning Peru as the first South American country to implement the globally acclaimed UPI technology, showcasing India's leadership in digital payment innovation.

The Central Reserve Bank of Peru has signed this deal to deploy the UPI-like system enabling instant payments between individuals and businesses, to reduce reliance on cash and expanding the use of a digital alternative to Peru’s large unbanked population. Launched in 2016, the UPI has been central to India's efforts to use digital payments to boost financial inclusion and has now handled well over 100 billion transactions. The NPCI international subsidiary was set up in 2020 to push the UPI, as well as the RuPay card network, outside of India. Earlier this year, the unit struck deals with Namibia and Nepal's largest payment network and it has also joined forces with Google Pay to accelerate global expansion.

Check out my Daily Payments Newsletter if you want to read more Payments news, and I'll be back in your inbox with more tomorrow!

Cheers,

Marcel

#FINTECHREPORT

📊 𝐓𝐡𝐞 𝐒𝐭𝐚𝐭𝐞 𝐨𝐟 𝐁𝟐𝐁 𝐏𝐚𝐲𝐦𝐞𝐧𝐭𝐬 𝟐𝟎𝟐𝟒 report, by Invoiced. Explore the current state of the B2B market alongside what shifts and advances we can all likely expect in upcoming years. Link here

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PAYMENTS NEWS

🇵🇪 NPCI International and the Central Reserve Bank of Peru Partner to Develop UPI-Like Real-Time Payments System in Peru. This collaboration marks a significant milestone, making Peru the first country in South America to adopt the globally renowned Unified Payment Interface (UPI) technology, a symbol of India's pioneering excellence in digital payments.

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➡️ Tokenization for Dummies. VGS's CEO Chuck Yu explains in 30 seconds. Check out the complete video for a 3 minute explainer and more info.

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🇬🇧 Payabl. expands Latin American payment options. UK-based paytech company Payabl. has announced the integration of four local payment methods in Latin America into its range of local payment solutions: PIX, Boleto, OXXO, and SPEI.

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DIGITAL BANKING NEWS

Nubank's results in Brazil 🇧🇷 🆚 Mexico 🇲🇽, 19 quarters after launching:

Mexico truly is the promised land for Neobanks 🤯

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DONEDEAL FUNDING NEWS

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M&A

🇮🇹 Worldline rumored to acquire Credem’s Merchant Payment Services. A report of June 4 by Reuters, notes that this is the latest in a series of sales of banks’ “merchant books,” which banks have been unloading as technological advancements require new investments. 

🇺🇸 CSG acquires Florida-based paytech iCG Pay in $17m deal. CSG says that the purchase will provide the company with new independent software vendor (ISV) channel partnerships and a “proven team of payments leaders” to help it expand its footprint in the North American payments market.

MOVERS & SHAKERS

🇺🇸 Julie Thurlow and Sears Merritt Named Co-Chairs of Mass Fintech Hub. They will be responsible for leading Mass Fintech Hub’s Advisory Board, guiding the collaborative’s strategic vision and helping strengthen the state’s FinTech ecosystem with programming that builds community, attracts investment, develops talent and seeds collaboration.

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