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 renowned Unified Payments Interface (UPI). This collaboration marks a significant milestone, making Trinidad and Tobago the first Caribbean nation to adopt the globally acclaimed UPI.
The 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. By leveraging technology and experiences from India’s UPI, the partnership seeks to assist Trinidad and Tobago in modernizing its financial ecosystem.
Key Benefits of the Partnership:
- Enhanced Accessibility: Improved connectivity with domestic and international payment networks
- Increased Affordability: Reduced transaction costs and enhanced financial inclusion
- Interoperability: Seamless transactions between different payment systems
UPI’s Growth and Success:
UPI processed transactions worth Rs 80.8 lakh crore from April to July this year, with July alone recording the highest at Rs 20.6 lakh crore. From January to July 2024, UPI processed a total of Rs 137.28 lakh crore worth of transactions, equivalent to approximately $1.636 trillion.
Leadership Comments:
Ritesh Shukla, CEO of NPCI International, expressed pride in supporting Trinidad and Tobago’s financial infrastructure development. A spokesperson from the Ministry of Digital Transformation, Trinidad and Tobago, highlighted the potential for financial inclusion and innovation in the Fintech sector.
This strategic partnership is a significant step towards transforming Trinidad and Tobago’s payments landscape, providing a secure, sovereign, and scalable payments platform for its citizens.
Must Read: The 5G Effect: How Faster Networks Are Changing Everything?
