NPCI to Create UPI-Like Payments Platform in Trinidad and Tobago
NPCI International Payments Limited (NIPL) has partnered with the Ministry of Digital Transformation (MDT) of Trinidad and Tobago to create a real-time payments platform similar to India’s widely used Unified Payments Interface (UPI). This collaboration marks a significant achievement, as Trinidad and Tobago become the first Caribbean nation to adopt the UPI framework.
Empowering Financial Transactions
The primary goal of the NPCI partnership is to enable 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. By enhancing digital payments in the country, the initiative aims to promote financial inclusion among its citizens. The collaboration will utilize technology and insights from India’s UPI to modernize Trinidad and Tobago’s financial ecosystem, focusing on improving accessibility, affordability, and connectivity with both domestic and international payment networks in the future.
Growth of UPI in India
India’s UPI has shown remarkable growth, processing transactions worth ₹80.8 lakh crore (approximately $1.636 trillion) from April to July 2024. July alone saw transactions worth ₹20.6 lakh crore. UPI processed ₹19.64 lakh crore in April, ₹20.44 lakh crore in May, and ₹20.07 lakh crore in June. Last month, UPI recorded nearly 15 billion transactions, with an estimated value of $245 billion.
Leadership Insights
Ritesh Shukla, CEO of NPCI International, expressed pride in supporting Trinidad and Tobago’s financial infrastructure advancements. He stated, “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.” He looks forward to collaborating closely with the Ministry of Digital Transformation and the Central Bank of Trinidad and Tobago.
Partnership with Trinidad and Tobago
A spokesperson from the Ministry of Digital Transformation shared enthusiasm about the partnership, emphasizing that this engagement will enhance the resilience of Trinidad and Tobago’s current payment infrastructure. By creating a digital payment system modeled after UPI, the platform aims to drive innovation in the Fintech sector while promoting increased security and reducing cash dependency.
They added, “Successful implementation will contribute to the financial inclusion of our unbanked citizens. We extend sincere thanks to the Central Bank of Trinidad and Tobago, which continues to be a strategic partner and stakeholder in this important initiative.”