NPCI launches seamless & updated payment system like UPI in Trinidad & Tobago
NPCI International Payments Limited (NIPL) has formed a strategic partnership with the Ministry of Digital Transformation (MDT) of Trinidad and Tobago to create a real-time payments platform modeled after India’s Unified Payments Interface (UPI).
The collaboration marks a significant milestone, making Trinidad and Tobago the first Caribbean nation to adopt the globally renowned UPI.
According to NPCI, the strategic partnership aims to enable Trinidad and Tobago to create a dependable and efficient real-time payments platform for person-to-person (P2P) and person-to-merchant (P2M) transactions, thereby enhancing digital payments in the country and promoting financial inclusion.
The partnership will utilize technology and insights from India’s UPI to help Trinidad and Tobago modernize its financial ecosystem. This aims to improve accessibility, affordability, and connectivity with both domestic and international payment networks in the future, while ensuring interoperability.
From April to July this year, UPI processed transactions totaling Rs 80.8 lakh crore (Rs 80,80,775.18 crore), with July achieving the highest volume at Rs 20.6 lakh crore. In April, transactions amounted to Rs 19.64 lakh crore, followed by Rs 20.44 lakh crore in May and Rs 20.07 lakh crore in June.
From January to July 2024, UPI processed transactions totaling Rs 137.28 lakh crore (Rs 1,37,28,081.73 crore), roughly equivalent to $1.636 trillion. Last month, the popular digital payment system recorded nearly 15 billion transactions valued at approximately $245 billion.
Ritesh Shukla, CEO of NPCI International, expressed pride in supporting Trinidad and Tobago's efforts to enhance its financial infrastructure by developing a secure, scalable payments platform. He noted that UPI's success in India highlights the transformative potential of real-time payments for improving access to financial services.
A spokesperson for the Ministry of Digital Transformation emphasized the excitement surrounding the partnership with NIPL to create a UPI-based digital payment system. This platform aims to drive Fintech innovation, strengthen the existing payment infrastructure, and increase security by reducing cash use. The spokesperson also highlighted the initiative's goal of promoting financial inclusion for unbanked citizens and thanked the Central Bank for its ongoing support.
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