NPCI International to develop UPI-like Platform in Trinidad and Tobago

By Gloria Mathias

NPCI International Payments Limited (NIPL) has entered into a partnership with the Ministry of Digital Transformation (MDT) of Trinidad and Tobago to develop a real-time payments platform similar to India’s ‘Unified Payments Interface’ (UPI).

This collaboration marks a milestone, making Trinidad and Tobago the first Caribbean nation to adopt the globally renowned UPI. Through strategic collaborations with foreign central banks and governments, NIPL is advancing India’s digital public goods worldwide.

This strategic partnership aims to empower Trinidad and Tobago to establish a reliable and efficient real-time payment platform for both person-to-person (P2P) and person-to-merchant (P2M) transactions, expanding digital payments in the country and fostering financial inclusion.

By leveraging technology and experiences from India’s UPI, the partnership seeks to assist Trinidad and Tobago in modernising its financial ecosystem. This involves enhancing accessibility, affordability, and connectivity with domestic and international payment networks in the times to come and ensuring interoperability.

Ritesh Shukla, CEO of NPCI International, said, “Trinidad and Tobago is taking steps towards advancing its financial infrastructure, and we are proud to support them in building a secure, sovereign, and scalable payments platform. Our experience with UPI in India has demonstrated how real-time payments can transform economies by improving access to essential financial services and reducing reliance on cash. We look forward to working closely with the Ministry of Digital Transformation and the Central Bank in Trinidad and Tobago.”

Spokesperson of Ministry of Digital Transformation, Trinidad and Tobago, said, “It is with great anticipation that the Ministry of Digital Transformation and the Ministry of Finance embark on this significant engagement with NIPL to implement a digital payment system for Trinidad and Tobago. Fashioned on India’s UPI, the digital payment platform will facilitate innovation in the FinTech sector and enhance the technical resiliency of the current payment infrastructure by providing a complementary, non-competing digital payment platform with increased security through the reduced use of cash. Moreover, successful implementation will contribute to the financial inclusion of our unbanked citizens. We look forward to the partnership with NPCI International as we actively seek to transform the existing payments landscape and establish a modern digital payments ecosystem.”