- By Aditya Pratap Singh
- Fri, 27 Sep 2024 05:54 PM (IST)
- Source:JND
UPI: NPCI International Payments Limited (NIPL) has partnered with Trinidad and Tobago’s Ministry of Digital Transformation to create a real-time payment platform similar to India’s Unified Payments Interface (UPI). In a statement, NPCI said that the collaboration marks a significant milestone, making Trinidad and Tobago the first Caribbean nation to adopt the world-renowned UPI.
NPCI stated that this partnership builds a strong, long-standing bilateral relationship between the two countries.
According to the company, the strategic partnership aims to enable Trinidad and Tobago to create a reliable and efficient real-time payment platform for person-to-person (P2P) and person-to-merchant (P2M) transactions, expand digital payments in the country, and foster financial inclusion.
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The partnership will leverage India’s UPI technology and experience to assist Trinidad and Tobago in modernizing its financial ecosystem, according to the company. This includes increasing accessibility, affordability, and connectivity with domestic and global payment networks in the future and ensuring interoperability, it said.
UPI has emerged as a transformative force in India’s financial landscape, with nearly 15 billion transactions registered in August 2024 with an estimated value of US$245 billion.
Earlier, The Unified Payment Interface (UPI) was introduced in countries like UAE, France, Nepal, Sri Lanka and Mauritius. All these initiatives are steps to achieve the milestone of introducing the indigenous-developed online payment service to the whole world. However, the steps are not yielding the way India anticipates, showing the hindrances that India has to face to meet UPI's global expansion goal.
(With PTI's Input)
