NPCI International Payments Limited (NIPL) has entered into a strategic partnership with the Ministry of Digital Transformation (MDT) of Trinidad and Tobago, to develop a real-time payments platform similar to India’s ‘Unified Payments Interface’ (UPI).
This collaboration marks a significant milestone, making Trinidad and Tobago the first Caribbean nation to adopt the UPI. This builds on the strong, longstanding bilateral ties between the two countries.
This strategic partnership aims to empower Trinidad and Tobago to establish a reliable and efficient real-time payments platform for both person-to-person (P2P) and person-to-merchant (P2M) transactions, expanding digital payments in the country and fostering financial inclusion.
By leveraging technology and experiences from India’s UPI, the partnership seeks to assist Trinidad and Tobago in modernising its financial ecosystem
This involves enhancing accessibility, affordability and connectivity with domestic and international payment networks in the times to come and ensuring interoperability.
UPI has emerged as a transformative force in India’s financial landscape, registering nearly 15 billion transactions in August 2024, with an estimated value of $245bn.
Through strategic collaborations with foreign central banks and governments, NIPL is committed to advancing India’s digital public goods across the globe.
Ritesh Shukla, CEO, NPCI International, commented: “Trinidad and Tobago is taking significant steps towards advancing its financial infrastructure, and we are proud to support them in building a secure, sovereign, and scalable payments platform. Our experience with UPI in India has demonstrated how real-time payments can transform economies, by improving access to essential financial services and reducing reliance on cash. We look forward to working closely with the Ministry of Digital Transformation and the Central Bank in Trinidad and Tobago.”
A spokesperson of the Ministry of Digital Transformation, Trinidad and Tobago, said: “It is with great anticipation that the Ministry of Digital Transformation and the Ministry of Finance embark on this significant engagement with NIPL to implement a digital payment system for Trinidad and Tobago. Fashioned on India’s UPI, the digital payment platform will facilitate innovation in the Fintech sector, enhance the technical resiliency of the current payment infrastructure by providing a complementary, non-competing digital payments platform with increased security through the reduced use of cash.”
“NPCI International to develop real-time payments platform in Trinidad and Tobago” was originally created and published by Electronic Payments International, a GlobalData owned brand.
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