NPCI International Payments Limited (NIPL) has formed a strategic alliance with the Ministry of Digital Transformation (MDT) of Trinidad and Tobago to develop a real-time payments platform modeled after India’s Unified Payments Interface (UPI).
This initiative positions Trinidad and Tobago as the first Caribbean nation to adopt the globally acclaimed UPI system, reinforcing the longstanding bilateral relations between the two countries.
The collaboration aims to establish a robust and efficient real-time payments infrastructure capable of handling both person-to-person (P2P) and person-to-merchant (P2M) transactions.
By implementing this advanced digital payments system, Trinidad and Tobago seeks to enhance financial inclusion, making digital financial services more accessible and affordable for its population.
The partnership leverages the technological expertise and operational experience gained from India’s successful UPI platform to modernize Trinidad and Tobago’s financial ecosystem.
India’s UPI has revolutionized the country’s financial landscape, processing nearly 15 billion transactions in August 2024 alone, with a total value reaching approximately $245 billion.
NIPL’s involvement underscores its commitment to exporting India’s digital public goods through strategic collaborations with foreign central banks and governments.
The adoption of UPI technology in Trinidad and Tobago is expected to significantly reduce reliance on cash, improve transaction security, and ensure seamless connectivity with both domestic and international payment networks.
The initiative also focuses on enhancing the technical resilience of Trinidad and Tobago’s current payment infrastructure by introducing a complementary digital payments platform.
This move is anticipated to spur innovation within the Fintech sector and support the financial inclusion of unbanked citizens.
The partnership with NPCI International is a key component of Trinidad and Tobago’s broader strategy to transform its payments landscape and establish a modern digital payments ecosystem.
NPCI International’s expertise in real-time payment systems will play a crucial role in the successful implementation of the platform.
The Ministry of Digital Transformation, in collaboration with the Central Bank of Trinidad and Tobago, aims to ensure that the new system is secure, scalable, and capable of meeting the evolving needs of the nation’s economy.
