Trinidad & Tobago becomes the first Caribbean nation to adopt UPI
In a significant development, Trinidad and Tobago has become the first Caribbean country to adopt Unified Payments Interface (UPI), India’s flagship digital payment platform. This milestone achievement was marked during Prime Minister Narendra Modi’s two-day official visit to the Caribbean nation. The adoption of UPI by Trinidad and Tobago marks a significant step forward in the country’s digital transformation journey.
The agreement to adopt UPI was reached between the two countries, which will enable Trinidad and Tobago to leverage India’s expertise in digital payments and financial inclusion. UPI is a real-time payment system that allows users to make transactions between bank accounts, using a virtual address or a payment address. The platform has gained immense popularity in India, with over 1 billion transactions taking place every month.
The adoption of UPI by Trinidad and Tobago is a testament to the country’s commitment to embracing digital technologies and improving financial inclusion. The country has been working towards increasing the use of digital payments in various sectors, including government, private, and public services. The adoption of UPI will enable Trinidad and Tobago to reduce cash transactions, increase financial inclusion, and promote a cashless economy.
During Prime Minister Modi’s visit, the two countries 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 their digital documents, such as Aadhaar cards, driver’s licenses, and voter IDs. e-Sign is a digital signature service that enables users to sign documents electronically. GeM is an e-procurement platform that enables government agencies to purchase goods and services online.
The India Stack is a set of APIs that enable the creation of a digital identity, verify identity, and perform secure payments. The stack has been successfully implemented in India, with over 1 billion transactions taking place every month. The adoption of India Stack solutions by Trinidad and Tobago will enable the country to improve its digital infrastructure, increase transparency, and reduce corruption.
The adoption of UPI by Trinidad and Tobago is also expected to boost trade and economic ties between the two countries. UPI will enable businesses and individuals to make seamless payments across borders, reducing the need for intermediaries and increasing the speed of transactions. The platform will also enable Trinidad and Tobago to tap into the global UPI network, which is already used by millions of users in India and other countries.
In a statement, Prime Minister Modi praised the adoption of UPI by Trinidad and Tobago, saying, “The adoption of UPI by Trinidad and Tobago is a significant milestone in our partnership. It shows our commitment to digital transformation and financial inclusion. We look forward to further collaboration in implementing India Stack solutions and promoting trade and economic ties between our countries.”
The adoption of UPI by Trinidad and Tobago is a significant achievement for both countries. It marks a new era in digital cooperation between India and Trinidad and Tobago, and is expected to bring numerous benefits to both countries. As the two countries continue to work together, we can expect to see even more innovative solutions and collaborations in the future.
Source:
