Trinidad and Tobago has recently partnered with NPCI International Payments to establish a real-time payment system inspired by India’s Unified Payments Interface (UPI).
The Ministry of Digital Transformation has embarked on deploying a cutting-edge platform that will support transactions between individuals as well as between consumers and merchants. This initiative aims to enhance digital payment solutions within the nation and promote greater financial inclusion.
Since its introduction in 2016, the UPI has been fundamental in India’s strategy to leverage digital payments to improve financial access, processing over 100 billion transactions to date.
The NPCI International subsidiary, created in 2020, focuses on expanding the reach of UPI and the RuPay card network beyond Indian borders. This year alone, it has forged partnerships with countries such as Peru, Namibia, and Nepal’s largest payment provider. Additionally, it has collaborated with Google Pay to speed up its global expansion efforts.
A spokesperson for the ministry stated, “Inspired by India’s UPI, this digital payment system will stimulate innovation within the fintech industry while strengthening our existing payment infrastructure. By providing a complementary, more secure alternative to cash transactions, we aim to enhance financial inclusion for those who currently lack banking access.”