Trinidad & Tobago becomes the first Caribbean nation to adopt UPI
In a significant development for the digital payment landscape, Trinidad and Tobago has become the first Caribbean country to adopt Unified Payments Interface (UPI), India’s flagship digital payment platform. This historic agreement was reached during Prime Minister Narendra Modi’s two-day official visit to the Caribbean nation. The move is expected to revolutionize the way people make transactions in Trinidad and Tobago, making digital payments faster, more secure, and convenient.
UPI, which was launched in India in 2016, is a real-time payment system that allows users to make transactions using a unique identifier, such as a mobile phone number or an Aadhaar number. The platform has been a game-changer in India, with over 300 million transactions being made every day. Its adoption in Trinidad and Tobago is expected to bring similar benefits to the Caribbean nation.
The agreement between India and Trinidad and Tobago is not limited to UPI alone. The two countries have also agreed to explore further collaboration in the implementation of India Stack solutions, including DigiLocker, e-Sign, and Government e-Marketplace (GeM). DigiLocker is a digital locker service that allows users to store and access digital documents, such as passports, driving licenses, and PAN cards. e-Sign is an electronic signature service that allows users to sign documents digitally. GeM is an e-commerce platform that allows government agencies to purchase goods and services.
India’s Prime Minister Modi’s visit to Trinidad and Tobago was a significant one, as it marked the first time an Indian Prime Minister had visited the country. During his visit, Modi held talks with Trinidad and Tobago’s Prime Minister Keith Rowley and other top government officials. The two leaders discussed ways to strengthen bilateral ties, including cooperation in the areas of trade, education, and technology.
The adoption of UPI in Trinidad and Tobago is expected to boost the country’s digital payment ecosystem, making it easier for people to make transactions online. The platform is also expected to reduce the need for physical cash, making it a safer and more convenient option for transactions.
In a statement, India’s Ministry of Electronics and Information Technology (MeitY) said, “The adoption of UPI in Trinidad and Tobago marks a significant milestone in the collaboration between India and the Caribbean nation. We believe that this partnership will not only benefit both countries but also contribute to the global digital payment landscape.”
The adoption of UPI in Trinidad and Tobago is also expected to benefit Indian businesses operating in the country. The platform will allow Indian businesses to make and receive payments seamlessly, reducing the need for intermediaries and increasing the speed of transactions.
Trinidad and Tobago is not the only country to adopt UPI. The platform is already being used in eight other countries, including the United Arab Emirates, Nepal, and Bahrain. The adoption of UPI in Trinidad and Tobago marks a significant milestone in the platform’s global expansion.
In conclusion, the adoption of UPI in Trinidad and Tobago is a significant development for the digital payment landscape. The platform is expected to bring many benefits to the Caribbean nation, including faster, more secure, and convenient transactions. The agreement between India and Trinidad and Tobago is also expected to boost bilateral ties and contribute to the global digital payment landscape.
