Trinidad and Tobago adopts India's UPI real-time payment system
The Ministry of Digital Transformation has partnered with the National Payments Corporation of India (NPCI) to implement a real-time payments platform similar to the Unified Payments Interface (UPI), used widely across India.
The two parties signed an agreement on September 26, making TT the first Caribbean nation to adopt UPI technology.
A signing ceremony was held at the ministry’s Port of Spain head office, witnessed by Central Bank governor Alvin Hilaire, and Pradeep Singh Rajpurohit, High Commissioner of India.
The high commission subsequently issued a statement, congratulating the government, under PM Keith Rowley’s leadership, for "adopting the world-class technology of UPI and forging a synergetic digital partnership with India."
Rajpurohit said he believes the collaboration will revolutionise financial transactions in TT by offering a fast, secure and flexible payment solution that enhances the efficiency of the country’s financial system.
The UPI system has been successfully implemented in several other countries, including France, the United Arab Emirates, Singapore, Mauritius, Nepal and Sri Lanka.
It integrates online transaction processing, interbank settlements and customer dispute management on one platform.
The high commission said TT’s adoption of UPI will benefit citizens and businesses with greater autonomy in handling financial transactions, reducing reliance on cash while increasing efficiency and transparency.
Under the agreement, the TT government will retain full ownership and control of the UPI platform, ensuring it can be adapted and improved to meet needs specific to this country.
The high commission said the partnership promises to attract long-term benefits through capacity development and skills transfer, allowing TT to build domestic expertise in digital payment technology.
The agreement comes after more than a year of sustained efforts from both parties, initiated by Bacchus, during his visits to India in August 2023 and January, and multiple NIPL delegation visits to TT, which helped lay the groundwork for this partnership.
The release noted that India has established itself as a global leader in developing digital public infrastructure (DPI), with its efforts gaining international recognition during its G20 presidency in 2023.
The UPI system, launched in India in 2016, has become the country’s most popular payment method. It facilitates more than ten billion transactions monthly and accounts for over 75 per cent of digital payments and 90 per cent of merchant payments in India.
In 2023, the value of UPI-enabled transactions exceeded US$2.43 trillion.
The UPI system is expected to support financial inclusion by making banking services better accessible to underserved communities.
The high commission said the system would enhance the management of government welfare programmes, improve tax compliance and enable greater interoperability between financial institutions.
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"Trinidad and Tobago adopts India’s UPI real-time payment system"