This makes Trinidad and Tobago the first Caribbean nation to adopt the UPI.
This strategic partnership aims to enable Trinidad and Tobago to establish a reliable and efficient real-time payments platform for person-to-person (P2P) and person-to-merchant (P2M) transactions, expanding digital payments in the country and promoting financial inclusionNIPL said.
“Trinidad and Tobago is taking important steps to improve its financial infrastructure and we are proud to support them in building a secure, sovereign and scalable payments platform,” said Ritesh Shukla, CEO of NPCI International. “Our experience with UPI in India has shown how real-time payments can transform economies by improving access to essential financial services and reducing reliance on cash.”
By leveraging the technology and experiences of India’s UPI, the partnership seeks to help Trinidad and Tobago modernize its financial ecosystem, according to NIPL. This involves improving accessibility, affordability, connectivity with national and international payment networks in the times to come and ensuring interoperability.
UPI has emerged as a transformative force in India’s financial landscape, recording nearly 15 billion transactions in August 2024 with an estimated value of $245 billion. Through strategic collaborations with central banks and foreign governments, NIPL is committed to promoting India’s digital public goods across the world. “Designed based on India’s UPI, the digital payments platform will facilitate innovation in the Fintech sector and improve the technical resilience of the current payments infrastructure. by providing a complementary and non-competitive digital payments platform with greater security through reduced use of cash,” said a spokesperson for the Ministry of Digital Transformation of Trinidad and Tobago. “A successful implementation will contribute to the financial inclusion of our unbanked citizens.”
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