UPI-Like Payments Platform in Trinidad & Tobago

New Delhi, Sep 27 (PTI) NPCI International Payments Limited (NIPL) has entered into a strategic 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 significant milestone, making Trinidad and Tobago the first Caribbean nation to adopt the globally renowned UPI, NPCI said in a statement.

This builds on the strong, longstanding bilateral ties between the two countries, it said.

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

By leveraging technology and experiences from India's UPI, the partnership seeks to assist Trinidad and Tobago in modernising its financial ecosystem, it said.

This involves enhancing accessibility, affordability, and connectivity with domestic and international payment networks in the times to come and ensuring interoperability, it said.

UPI has emerged as a transformative force in India's financial landscape, registering nearly 15 billion transactions in August 2024 with an estimated value of USD 245 billion.