NPCI International Payments Limited (NIPL), the international subsidiary of India's National Payments Corporation of India (NPCI), will establish a digital payments infrastructure for Trinidad and Tobago, according to the NPCI’s announcement today. This system will be modelled after India's United Payments Interface (UPI). The announcement highlighted that Trinidad and Tobago is set to become the first Caribbean country to adopt the globally recognised UPI framework.
NIPL confirmed that the agreement with the Ministry of Digital Transformation (MDT) of Trinidad and Tobago aims to develop a real-time payments platform supporting both person-to-person (P2P) and person-to-merchant (P2M) transactions.
“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,” says Ritesh Shukla, CEO, NPCI International.
Earlier this year, NIPL also signed agreements to design digital payment systems for Peru and Namibia, using UPI as a template. Additionally, the organisation is reportedly engaged in discussions with various African and South American nations to assist in developing their own payment systems.
In August 2024, NPCI reported a 45% increase in volume and a 35% rise in value during July 2024. The value of UPI transactions reached ₹20.64 lakh crore in July, up from ₹20.07 lakh crore in June, marking the third consecutive month that the total exceeded ₹20 lakh crore. The volume of transactions also climbed to 14.44 billion in July, compared to 13.89 billion in June.
Earlier, in June 2024, NIPL entered into an agreement with Peru’s central bank, the Central Reserve Bank of Peru (BCRP), to implement a UPI-like real-time payment system, making Peru the first South American country to adopt this UPI technology. Other countries such as Singapore, Malaysia, the UAE, France, Nepal, the UK, Mauritius, and Sri Lanka have already integrated UPI into their payment systems.
In February 2024, NPCI announced its partnership with French e-commerce and payment solutions provider Lyra to facilitate UPI acceptance in France. During the same period, UPI services were launched in Sri Lanka and Mauritius. Earlier in January 2024, NPCI introduced UPI-PayNow, a linkage that enables seamless remittances between India and Singapore. Furthermore, an agreement between Google Pay and NIPL was also signed to expand UPI usage beyond India.
