The Central Bank of Peru (BCRP) has reached an agreement with the National Payments Corporation of India (NIPL) to create a system similar to India's Unified Payment Interface (UPI) to promote financial inclusion and help the large unbanked population. The new system supports offline transactions and enhances the interoperability of payment systems. Julio Velarde, President of the BCRP, said the system will introduce new players and complement the existing payment industry. NIPL has rolled out the UPI system in several countries and established partnerships with Financial Institution Groups such as Google Pay.