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Trinidad and Tobago’s Ministry of Digital Transformation has signed an agreement to introduce India’s Unified Payments Interface (UPI) technology, aiming to expand digital payment options and enhance financial inclusion across the country. The new real-time platform will support both person-to-person and person-to-merchant transactions, creating a more efficient and secure digital payments ecosystem.
India’s UPI, launched in 2016, has been pivotal in driving the country’s digital payments revolution, contributing to significant growth in financial inclusion. To date, UPI has processed over 100 billion transactions, becoming a key player in India’s financial landscape.
In 2020, the National Payments Corporation of India (NPCI) established its international arm to promote UPI and the RuPay card network globally. This year alone, NPCI International has secured partnerships with Peru, Namibia, and Nepal’s largest payment network, as well as collaborated with Google Pay to fast-track its expansion.
A spokesperson from Trinidad and Tobago’s Ministry of Digital Transformation emphasized the benefits of adopting UPI: “Modeled after India’s UPI, the digital payment platform will drive innovation in the fintech sector while strengthening the resilience of our existing payment infrastructure. It provides a complementary and secure alternative to cash transactions. Successful implementation will also promote financial inclusion, especially for our unbanked population.”
This move marks a significant step toward modernizing Trinidad and Tobago’s payment systems and fostering greater participation in the digital economy.
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