NPCI International Payments Limited (NIPL) has entered into a strategic partnership with Trinidad and Tobago’s Ministry of Digital Transformation (MDT), 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 country to adopt the UPI. This builds on the strong, long-standing bilateral ties between the two countries.
This strategic partnership aims to enable 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, bringing digital payments to the country expanded and financial opportunities are promoted. inclusion.
Leveraging technology and experiences from India’s UPI, the partnership aims to help Trinidad and Tobago modernize its financial ecosystem
This includes improving accessibility, affordability and connectivity to domestic and international payment networks in the times ahead and ensuring interoperability.
UPI has emerged as a transformative force in India’s financial landscape, recording nearly 15 billion transactions as of August 2024, with an estimated value of $245 billion.
Through strategic partnerships with foreign central banks and governments, NIPL is committed to advancing India’s digital public goods around the world.
Ritesh Shukla, CEO of NPCI International, commented: “Trinidad and Tobago is taking important 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 shown how real-time payments can transform economies, improving access to essential financial services and reducing dependency on cash. We look forward to working closely with the Ministry of Digital Transformation the Central Bank in Trinidad and Tobago.
A spokesperson for 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 enter into this important partnership with NIPL to implement a digital payment system for Trinidad and Tobago . The digital payment platform is based on the Indian UPI and will facilitate innovation in the Fintech sector and increase the technical resilience of the current payments infrastructure by providing a complementary, non-competitive digital payment platform with increased security through the reduced use of cash.”
“NPCI International to Develop a Real-Time Payments Platform in Trinidad and Tobago” was originally created and published by Electronic payments internationallya brand owned by GlobalData.
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