Trinidad & Tobago becomes the first Caribbean nation to adopt UPI
In a significant move towards digital payment revolution, Trinidad and Tobago has become the first Caribbean country to adopt Unified Payments Interface (UPI), India’s flagship digital payment platform. This groundbreaking development was announced during Prime Minister Narendra Modi’s two-day official visit to the Caribbean nation. The adoption of UPI marks a significant milestone in the global expansion of India’s digital payment ecosystem, which has been gaining popularity worldwide.
UPI, developed by the National Payments Corporation of India (NPCI), is a real-time payment system that enables users to make transactions directly from their bank accounts using their phone numbers or virtual addresses. Since its launch in 2016, UPI has revolutionized the way Indians make payments, with over 1.3 billion transactions worth Rs 6.5 trillion (approximately USD 90 billion) processed on the platform in 2022 alone.
The agreement to adopt UPI was signed between the governments of India and Trinidad and Tobago, paving the way for 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 their documents digitally, while e-Sign is an electronic signature platform that enables secure and convenient signing of documents. GeM, on the other hand, is a government e-marketplace that facilitates procurement of goods and services by government departments and public sector undertakings.
The adoption of UPI in Trinidad and Tobago is expected to bring numerous benefits to the country, including increased financial inclusion, improved transaction efficiency, and enhanced customer experience. The platform’s real-time payment capabilities will enable residents to make seamless and secure transactions, both online and offline, using their mobile devices.
Trinidad and Tobago joins a growing list of countries that have adopted UPI, including Bhutan, Ecuador, Russia, the United Arab Emirates, Singapore, and Sri Lanka. The platform’s global expansion is a testament to India’s commitment to digital payment innovation and its vision to make financial services accessible to all.
The adoption of UPI in Trinidad and Tobago is also seen as a significant step towards deepening economic ties between the two nations. The agreement is expected to facilitate increased trade and investment between India and Trinidad and Tobago, as well as enhance cooperation in areas such as technology, healthcare, and education.
In addition to UPI, the two countries have also agreed to collaborate on other India Stack solutions, including DigiLocker, e-Sign, and GeM. DigiLocker, which was launched in India in 2015, has already been adopted by over 100 million users, who use the platform to store and access their documents digitally. e-Sign, which was launched in 2016, has enabled over 1 billion digital signatures, making it one of the largest digital signature platforms in the world.
The adoption of UPI in Trinidad and Tobago is a significant milestone in the global expansion of India’s digital payment ecosystem. As the first Caribbean country to adopt UPI, Trinidad and Tobago is poised to become a leader in digital payments in the region. The platform’s adoption is expected to bring numerous benefits to the country, including increased financial inclusion, improved transaction efficiency, and enhanced customer experience.
As India continues to push the boundaries of digital payment innovation, the adoption of UPI in Trinidad and Tobago is a significant step towards making financial services accessible to all. The platform’s global expansion is a testament to India’s commitment to digital payment innovation and its vision to make financial services accessible to all.
