Trinidad & Tobago Partners with India to Develop UPI-Style Digital Payment Platform
Trinidad & Tobago Partners with India to Develop UPI-Style Digital Payment Platform
Trinidad & Tobago has taken a pioneering step as the first Caribbean nation to partner with India in creating a real-time payment platform utilising India’s Unified Payments Interface (UPI). This initiative positions the country alongside global leaders such as France, the UAE, and Singapore, representing a major advancement in enhancing its digital payment system.
India’s NPCI International Payments Limited (NIPL) has entered into an agreement with the Ministry of Digital Transformation of Trinidad & Tobago to create a UPI-based payment platform.
Launched in India in 2016, UPI has become the leading digital payment system in the country, processing over 10 billion transactions each month and representing more than 75% of all digital payments.
In 2023, transactions facilitated by UPIs were valued at more than $2.43 trillion. Trinidad & Tobago’s move to adopt a similar platform is intended to modernise the financial ecosystem, allow for quicker payments, decrease reliance on cash, and enhance financial inclusion.
The partnership was developed over the course of over a year in elaborative cooperation. The foundation stone was laid by a series of visits from Trinidad & Tobago’s Minister of Digital Transformation, Senator Hassel Bacchus, to India in the years 2023 and 2024.
NIPL delegations visited Trinidad & Tobago multiple times to advance discussions on the UPI-like platform.
This effort is part of India’s aim to be at the forefront of global DPI, as has been stated during its G20 Presidency in 2023 through the establishment of the Global Digital Public Infrastructure Repository (GDPIR).
Trinidad & Tobago’s adoption of UPI is expected to lower transaction costs, improve tax compliance, and enhance transparency in welfare programs, potentially driving economic development and financial innovation in the country.
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