Trinidad and Tobago Partners with NPCI to Launch UPI-like Real-Time Payments System

NPCI International Payments Limited (NIPL) has teamed up with the Ministry of Digital Transformation (MDT) of Trinidad and Tobago to create a real-time payments platform inspired by India’s Unified Payments Interface (UPI). This makes Trinidad and Tobago the first country in the Caribbean to adopt a UPI-style system.

The goal of this partnership is to help Trinidad and Tobago set up a reliable and efficient payment platform for both person-to-person (P2P) and person-to-merchant (P2M) transactions. This initiative aims to boost digital payments and promote financial inclusion in the country, according to NIPL.

Ritesh Shukla, CEO of NPCI International, expressed pride in supporting Trinidad and Tobago as it enhances its financial infrastructure. He emphasized that real-time payments can transform economies by making financial services more accessible and reducing cash dependence.

By utilizing technology and lessons learned from India’s UPI, this collaboration aims to modernize Trinidad and Tobago’s financial system. The project will focus on improving accessibility, affordability, and connectivity with both local and global payment networks while ensuring interoperability.

UPI has significantly impacted India’s financial landscape, processing nearly 15 billion transactions worth about $245 billion in August 2024. NIPL is dedicated to promoting India’s digital payment innovations worldwide through partnerships with foreign central banks and governments.

A spokesperson from Trinidad and Tobago’s Ministry of Digital Transformation stated that the new payment platform would foster innovation in the fintech sector, improve the resilience of the payment system, and enhance security by reducing cash use. The successful rollout of this system will also help include unbanked citizens in the financial system.