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 globally renowned 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 payment 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 USD 245 billion. Through strategic collaborations with foreign central banks and governments, NIPL is committed to advancing India’s digital public goods across the globe.
Speaking on the development, 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 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.”
