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 marks a significant step forward in the growing partnership between India and Trinidad and Tobago, and is expected to pave 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 the country’s Prime Minister Dr. Keith Rowley. The visit was aimed at strengthening bilateral ties between the two nations and exploring new areas of cooperation, including trade, technology, and innovation.
UPI, which was launched in India in 2016, has revolutionized the way people make digital payments in the country. It allows users to make payments using a unique identifier, rather than having to share their bank account details or credit card numbers. The platform has been highly successful in India, with over 1 billion transactions worth over $50 billion processed in 2020 alone.
The adoption of UPI by Trinidad and Tobago is expected to bring numerous benefits to the country, including increased financial inclusion, improved efficiency, and reduced costs. The platform will also enable Trinidad and Tobago to join the global UPI network, which currently has eight countries, including Bhutan, which was the first country to adopt UPI after India.
In addition to UPI, the two countries also agreed to explore further collaboration in the implementation of other India Stack solutions, including DigiLocker, e-Sign, and Government e-Marketplace (GeM). DigiLocker is a digital locker service that allows individuals to store their documents, such as passports, driving licenses, and degree certificates, in a secure and tamper-proof manner. e-Sign is an electronic signature platform that enables users to sign documents electronically, reducing the need for physical signatures.
GeM, on the other hand, is a government-to-business e-marketplace that allows government departments and public sector undertakings to procure goods and services electronically. The platform has been highly successful in India, with over 1 million transactions worth over $10 billion processed in 2020 alone.
The adoption of these India Stack solutions is expected to bring numerous benefits to Trinidad and Tobago, including improved efficiency, reduced costs, and increased transparency. The solutions will also enable the country to leverage India’s expertise in digital payments and technology to drive innovation and growth.
The agreement between India and Trinidad and Tobago is a significant milestone in the growing partnership between the two nations. The partnership is expected to bring numerous benefits to both countries, including increased trade, investment, and cultural exchange.
In conclusion, the adoption of UPI by Trinidad and Tobago is a significant step forward in the growing partnership between India and the Caribbean nation. The platform is expected to bring numerous benefits to the country, including increased financial inclusion, improved efficiency, and reduced costs. The agreement also marks a significant step forward in the implementation of India Stack solutions, which are expected to bring numerous benefits to Trinidad and Tobago.
