NPCI International Payments Limited ( NIPL ) has signed an agreement with the Ministry of Digital Transformation (MDT) of Trinidad and Tobago to launch a real-time payment platform. In a bid to place Trinidad and Tobago among the first Caribbean nations to adopt the UPI, NIPL entered into a partnership with the Ministry of Digital Transformation and began the process of developing a real-time payment platform that can serve the needs, demands, and preferences of the region.

In addition, the current move follows a longstanding bilateral collaboration between the two countries. Trinidad and Tobago’s journey to digitalisation As part of this strategic alliance, Trinidad and Tobago is set to be able to establish a reliable and efficient real-time payment system for both person-to-person (P2P) and person-to-merchant (P2M) transactions. Through this, the region intends to expand the use of digital payments while facilitating financial inclusion.

Also, by utilising the technology and capabilities of India’s UPI, the collaboration intends to assist Trinidad and Tobago in modernising its financial landscape, including augmenting accessibility, affordability, connectivity with domestic and international payment networks, and ensuring interoperability. When commenting on the announcement, representatives from NIPL underlined that as Trinidad and Tobago is currently undertaking substantial steps towards advancing its financial infrastructure, the company intends to support the nation in developing a secure, sovereign, and scalable payment platform. In addition, NIPL plans to closely collaborate with the Ministry of Digital Transformation and the Central Bank in Trinidad and Tobago to optimise the economy by scaling access to essential financial services and minimising the reliance on cash. At the same time, officials from the Ministry of Digital Transformation mentioned that the digital payment platform is set to be able to facilitate advancement in the fintech industry and improve the technical resilience of the current payment infrastructure by offering complementary, non-competing digital payments. Furthermore, the implementation focuses on contributing to the financial inclusion of Trinidad and Tobago’s unbanked citizens and better supporting them.

The nation’s authorities highlighted their commitment to transforming the existing payment landscape and establishing a modern digital payment system. Source: Link .