Trinidad & Tobago becomes the first Caribbean nation to adopt UPI
In a significant development that is set to revolutionize the digital payment landscape in the Caribbean region, Trinidad and Tobago has become the first country in the region to adopt Unified Payments Interface (UPI), India’s flagship digital payment platform. This landmark decision was announced during Prime Minister Narendra Modi’s two-day official visit to the Caribbean nation.
UPI, which was launched by the National Payments Corporation of India (NPCI) in 2016, has been a game-changer in the Indian digital payment ecosystem, providing a secure and convenient way for users to make transactions using their mobile phones. With the adoption of UPI by Trinidad and Tobago, the country has become the eighth nation to join the global UPI network, which includes Bhutan, Singapore, Russia, Ukraine, the United Arab Emirates, Brazil, and Saudi Arabia.
The adoption of UPI by Trinidad and Tobago is seen as a significant milestone in the country’s efforts to digitize its payment systems and promote financial inclusion. The platform is expected to provide a range of benefits to the country’s citizens, including increased financial security, reduced transaction costs, and improved access to financial services.
During PM Modi’s visit, Trinidad and Tobago and India also agreed to explore further collaboration in the implementation of India Stack solutions, including DigiLocker, e-Sign, and Government e-Marketplace (GeM). India Stack is a set of APIs that allows developers to build various applications using a range of financial and government services.
DigiLocker is a digital locker service that provides a secure and convenient way for citizens to store and access their documents online. e-Sign is an electronic signature service that allows users to sign documents electronically, reducing the need for physical signatures. GeM is an e-marketplace that connects government buyers with vendors and suppliers.
The collaboration between Trinidad and Tobago and India is expected to have far-reaching implications for the country’s economy and financial sector. It is expected to promote financial inclusion, increase transparency and efficiency in government transactions, and reduce corruption.
The adoption of UPI by Trinidad and Tobago is also seen as a significant step towards promoting bilateral trade and economic cooperation between the two countries. India and Trinidad and Tobago have had a long-standing relationship, and the country is a major trading partner for India in the Caribbean region.
In a statement, the Ministry of Electronics and Information Technology (MeitY) congratulated Trinidad and Tobago on joining the global UPI network. “We are delighted to welcome Trinidad and Tobago to the global UPI network,” said the ministry. “This partnership will not only promote financial inclusion and digital payments in the country but also enhance bilateral trade and economic cooperation between India and Trinidad and Tobago.”
The NPCI, which is responsible for managing the UPI platform, also welcomed Trinidad and Tobago to the network. “We are thrilled to have Trinidad and Tobago join the UPI family,” said the NPCI. “We believe that this partnership will not only benefit the country but also promote the adoption of digital payments globally.”
The adoption of UPI by Trinidad and Tobago is a significant milestone in the country’s efforts to promote digital payments and financial inclusion. It is expected to have far-reaching implications for the country’s economy and financial sector, and will help to promote bilateral trade and economic cooperation between India and Trinidad and Tobago.
