- Agreement signed with the Ministry of Digital
Transformation, Trinidad and
Tobago
- Marks an important step in expanding India's digital public goods initiative
globally
MUMBAI, India, Sept. 27, 2024 /PRNewswire/ -- 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. This builds on the
strong, longstanding bilateral ties between the two countries.
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. By
leveraging technology and experiences from India's UPI, the partnership seeks to assist
Trinidad and Tobago in modernising
its financial ecosystem. This involves enhancing accessibility,
affordability, connectivity with domestic and international payment
networks in the times to come and ensuring interoperability.
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. Through strategic collaborations with foreign
central banks and governments, NIPL is committed to advancing
India's digital public goods
across the globe.
Speaking on the development, Mr. Ritesh Shukla, CEO, NPCI International,
said, "Trinidad and Tobago is
taking significant steps towards advancing its financial
infrastructure, and we are proud to support them in building a
secure, sovereign, and scalable payments platform. Our experience
with UPI in India has demonstrated
how real-time payments can transform economies, by improving access
to essential financial services and reducing reliance on cash. We
look forward to working closely with the Ministry of Digital
Transformation and the Central Bank in Trinidad and Tobago."
Spokesperson of Ministry of Digital Transformation,
Trinidad and Tobago, said,
"It is with great anticipation that the Ministry of Digital
Transformation and the Ministry of Finance embark on this
significant engagement with NIPL to implement a digital payment
system for Trinidad and Tobago.
Fashioned on India's UPI, the
digital payment platform will facilitate innovation in the Fintech
sector, enhance the technical resiliency of the current payment
infrastructure by providing a complementary, non-competing digital
payments platform with increased security through the reduced use
of cash. Moreover, successful implementation will contribute to the
financial inclusion of our unbanked citizens. We extend sincere
thanks to the Central Bank of Trinidad
and Tobago, which continues to be a strategic partner and
stakeholder in this important initiative. We look forward to the
partnership with NPCI International, as we actively seek to
transform the existing payments landscape and establish a modern
digital payments ecosystem."
For more details about NPCI
International, click here.
For queries: corporate.communications@npci.org.in
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