This paper discusses topic of high Peak to Average Power Ratio (PAPR) in Orthogonal Frequency Division Multiplexing (OFDM) based signals. An innovative technique is proposed to reduce PAPR without compromising Error Vector Mapping (EVM). The proposed technique is named Peak Shrinking and Interpolating (PSI), and results show no more than 1% EVM when the technique is operated. The hardware resource consumption of PSI technique is analyzed and compared with the simplest Crest Factor Reduction (CFR) technique known as Clipping and Filtering (CF). This analysis, together with EVM performance, and PAPR reduction performance indicates that PSI technique can be an outstanding scheme for existing and future technologies such as Long-Term Evolution (LTE) and 5th Generation of cellular mobile communications (5G), resulting in more efficient Power Amplifier (PA) operation.