Trinidad and Tobago has recently partnered with NPCI International Payments to establish a real-time payments system modeled after India’s UPI.
The Ministry of Digital Transformation of Trinidad and Tobago has signed an agreement to implement a platform for seamless person-to-person and person-to-merchant transactions, which will enhance digital payment options in the country and promote financial inclusion.
Since its launch in 2016, UPI has been instrumental in India’s drive to increase digital payments and has surpassed 100 billion transactions. The NPCI international subsidiary was formed in 2020 to extend the reach of UPI and the RuPay card network beyond India. This year alone, it has secured partnerships with countries such as Peru, Namibia, and Nepal’s largest payment network, while also collaborating with Google Pay to boost global expansion.
A spokesperson for the ministry stated, “Inspired by India’s UPI, the digital payment platform will encourage innovation in the fintech sector and enhance the resilience of our current payment infrastructure. It will provide an additional, secure digital payments option that reduces reliance on cash, ultimately aiding in the financial inclusion of our unbanked citizens.”