New Delhi, India – The National Payments Corporation of India International Payments Limited (NIPL) has announced a significant partnership with the Ministry of Digital Transformation (MDT) of Trinidad and Tobago to develop a real-time payments platform modeled after India’s successful Unified Payments Interface (UPI).
This strategic collaboration marks a pivotal moment for Trinidad and Tobago, making it the first Caribbean nation to adopt the UPI framework. The partnership aims to empower the country with a reliable and efficient payment system that can facilitate both person-to-person (P2P) and person-to-merchant (P2M) transactions, driving digital payments and fostering financial inclusion.
“Trinidad and Tobago is taking a major step forward in modernizing its financial infrastructure,” stated Ritesh Shukla, CEO of NPCI International. “We are proud to support them in building a secure, sovereign, and scalable payments platform. Our experience with UPI in India has demonstrated the transformative power of real-time payments in improving access to financial services and reducing reliance on cash.”
By drawing on the expertise and lessons learned from India’s UPI, the partnership seeks to assist Trinidad and Tobago in modernizing its financial ecosystem. This includes enhancing accessibility, affordability, and connectivity with both domestic and international payment networks.
UPI has revolutionized India’s financial landscape, registering a staggering 15 billion transactions in August 2024 with an estimated value of $245 billion. Through strategic collaborations with foreign central banks and governments, NIPL is committed to expanding the reach of India’s digital public goods worldwide.
“The digital payment platform, modeled after India’s UPI, will foster innovation in the Fintech sector and enhance the technical resilience of our current payment infrastructure,” said a spokesperson from the Ministry of Digital Transformation in Trinidad and Tobago. “By reducing the use of cash, we can increase security and promote financial inclusion for our unbanked citizens.”
