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Trinidad & Tobago Adopts UPI-Based Real-Time Payments Platform
Trinidad and Tobago has officially become the first Caribbean nation to embrace a real-time payments platform based on India’s Unified Payments Interface (UPI) technology. The milestone agreement was signed between the National Payments Corporation of India (NPCI) and Trinidad and Tobago’s Ministry of Digital Transformation on September 26, marking a significant step toward transforming the nation’s digital payment infrastructure.
Trinidad & Tobago UPI Partnership
The collaboration aims to introduce an efficient platform for person-to-person (P2P) and person-to-merchant (P2M) transactions, leveraging India’s UPI technology and expertise. The initiative is expected to modernize Trinidad and Tobago’s financial ecosystem, facilitating greater accessibility and promoting financial inclusion across various segments of society.
The adoption of UPI-based technology will also enhance connectivity with domestic and international payment networks, creating a seamless and secure environment for digital transactions. The rollout of the real-time payments platform is expected to be completed by late 2026 or early 2027.
Digital Payments Caribbean Expansion
The NPCI’s international arm, NPCI International Payments Limited (NIPL), has been actively promoting UPI technology globally, with existing partnerships in the Bank of Namibia and the Central Bank of Peru. UPI has already been implemented in seven countries, including Sri Lanka, Mauritius, France, UAE, Singapore, Bhutan, and Nepal.
Boosting Economic Growth in Trinidad & Tobago
With UPI processing over 15 billion transactions worth $245 billion in August 2024 alone, the collaboration is poised to strengthen India’s influence in the digital payments landscape. It also fosters economic ties with Trinidad and Tobago, offering a blueprint for other Caribbean nations to follow.
The move is anticipated to boost financial inclusion, convenience, and economic growth in Trinidad and Tobago, ultimately setting a precedent for the wider Caribbean region to adopt similar digital payment frameworks.
