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 the Unified Payments Interface (UPI), India’s flagship digital payment platform. This milestone achievement comes as a result of a bilateral agreement between the two countries, which also paves the way for further collaboration in the implementation of India Stack solutions.
The agreement was reached during Prime Minister Narendra Modi’s two-day official visit to Trinidad and Tobago, where he held talks with his Trinidadian counterpart, Prime Minister Keith Rowley. The partnership is expected to benefit both countries, with Trinidad and Tobago gaining access to India’s advanced digital payment infrastructure and India gaining a foothold in the Caribbean region.
UPI, developed by the National Payment Corporation of India (NPCI), is a real-time payment system that enables users to send and receive money using a unique payment address. It has revolutionized the digital payment landscape in India, with over 1 billion transactions being processed on the platform every month.
The adoption of UPI by Trinidad and Tobago marks a significant milestone for the country, which is looking to upgrade its payment infrastructure and promote digital transactions. The country’s central bank, the Central Bank of Trinidad and Tobago, has been working towards promoting digital payments, and the adoption of UPI is seen as a major step in this direction.
The agreement between the two countries also extends to the implementation of other 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 their documents electronically, while e-Sign is an electronic signature service that enables secure digital signatures. GeM, on the other hand, is an e-marketplace that enables government departments and enterprises to procure goods and services online.
The implementation of these solutions is expected to bring about significant benefits for both countries. For Trinidad and Tobago, it will enable the country to upgrade its payment infrastructure and promote digital transactions, while for India, it will provide an opportunity to expand its digital payment infrastructure to the Caribbean region.
The adoption of UPI by Trinidad and Tobago also marks a significant achievement for India, which has been working towards promoting its digital payment infrastructure globally. With the platform now being used in eight countries, including Bhutan, Sri Lanka, and the Maldives, India is poised to become a major player in the global digital payment landscape.
In a statement, the Prime Minister of Trinidad and Tobago, Keith Rowley, welcomed the partnership with India, saying, “We are committed to promoting digital payments in Trinidad and Tobago, and we believe that the adoption of UPI will be a major step in this direction. We look forward to working with India to implement other India Stack solutions and promote digital transactions in our country.”
Similarly, the Prime Minister of India, Narendra Modi, said, “The adoption of UPI by Trinidad and Tobago is a significant milestone for both countries. We believe that our collaboration will not only promote digital payments in Trinidad and Tobago but also enable us to share best practices and expertise in the digital payment space.”
The adoption of UPI by Trinidad and Tobago is a testament to the growing importance of digital payments in the global economy. As the world becomes increasingly digital, countries are recognizing the need to upgrade their payment infrastructure to promote digital transactions and reduce dependence on cash.
In conclusion, the adoption of UPI by Trinidad and Tobago marks a significant milestone for both countries and is a testament to the growing importance of digital payments in the global economy. The partnership between the two countries is expected to promote digital transactions in Trinidad and Tobago and provide India with an opportunity to expand its digital payment infrastructure to the Caribbean region.
