MUMBAI, India, Sept. 27, 2024 /PRNewswire/ — NPCI International Payments Limited (NIPL) has entered into a strategic partnership with Ministry of Digital Transformation (MDT) of Trinidad and Tobago, to develop a real-time payments platform similar to that of India’Unified Payments Interface‘ (UPI). This collaboration marks an important milestone, making Trinidad and Tobago the first Caribbean nation to adopt the globally recognized UPI. This is based on the strong and long-standing bilateral ties between the two countries.
This strategic partnership aims to empower Trinidad and Tobago to create 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 promoting financial inclusion. Using technology and experiences from India’s UPI, the partnership seeks to assist Trinidad and Tobago in modernizing its financial ecosystem. This includes increasing accessibility, affordability, connectivity to domestic and international payment networks in the future 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 advancing India’s digital public goods across the globe.
Speaking of development, Mr. Ritesh Shukla, CEO, NPCI International, said, “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 shown how real-time payments can transform economies, 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 of Trinidad and Tobago.”
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 begin this important engagement with NIPL to implement a digital payment system for Trinidad and Tobago. Built on India’s UPI, the digital payment platform will facilitate innovation in the Fintech sector, increase the technical resilience of the current payment infrastructure by providing a complementary, non-competitive digital payment platform with increased security through reduced cash usage. Furthermore, successful implementation will contribute to the financial inclusion of our unbanked citizens. We sincerely thank the Central Bank of Trinidad and Tobago, which continues to be a strategic partner and stakeholder in this important initiative. We look forward to partnering with NPCI International as we actively seek to transform the existing payments landscape and create a modern digital payments ecosystem.”
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