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.
UPI, which was launched in India in 2016, has been a game-changer in the country’s digital payment ecosystem. It allows users to make transactions seamlessly, using a single app, without the need for physical cards or net banking credentials. The platform has been instrumental in promoting digital payments, reducing cash transactions, and increasing financial inclusion in India.
The adoption of UPI by Trinidad and Tobago is a significant step forward in strengthening the economic ties between the two countries. The partnership is expected to benefit both countries, particularly in the areas of fintech, e-commerce, and financial inclusion.
During PM Modi’s visit, the two countries 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 documents, such as passports, Aadhaar cards, and driving licenses. e-Sign is a digital signature service that enables users to sign documents digitally. GeM is a national public procurement platform that allows government agencies to purchase goods and services from registered vendors.
The adoption of UPI by Trinidad and Tobago is also expected to boost trade and commerce between the two countries. With UPI, businesses in Trinidad and Tobago will be able to make seamless transactions with Indian businesses, promoting bilateral trade and commerce.
The news of Trinidad and Tobago’s adoption of UPI was announced by Union minister of state for electronics and IT, Rajeev Chandrasekhar, who accompanied PM Modi on his visit. Chandrasekhar tweeted, “Trinidad and Tobago joins the global UPI network! With this partnership, we strengthen fintech ties and promote digital payments, financial inclusion and e-commerce between our nations. #UPI #DigitalIndia #TrinidadAndTobago”
The adoption of UPI by Trinidad and Tobago is a significant step forward in promoting digital payments and financial inclusion in the Caribbean region. The region has been facing challenges in promoting digital payments, with many countries relying heavily on cash transactions. The adoption of UPI is expected to bring about a shift towards digital payments, promoting financial inclusion and reducing the cost of transactions.
Trinidad and Tobago is not the only country to have adopted UPI. The platform is already operational in eight countries, including Bhutan, Nepal, Singapore, and the United Arab Emirates. The adoption of UPI by Trinidad and Tobago is a significant milestone in the platform’s global expansion.
The adoption of UPI by Trinidad and Tobago is also expected to benefit Indian businesses operating in the Caribbean region. With UPI, Indian businesses will be able to make seamless transactions with local businesses, promoting trade and commerce between the two countries.
In conclusion, the adoption of UPI by Trinidad and Tobago is a significant milestone in promoting digital payments and financial inclusion in the Caribbean region. The partnership is expected to benefit both countries, particularly in the areas of fintech, e-commerce, and financial inclusion. The adoption of UPI is a significant step forward in strengthening economic ties between the two countries and promoting bilateral trade and commerce.
