Trinidad & Tobago becomes the first Caribbean nation to adopt UPI
In a significant development in the field of digital payments, Trinidad and Tobago has become the first Caribbean country to adopt Unified Payments Interface (UPI), India’s flagship digital payment platform. This milestone was achieved during Prime Minister Narendra Modi’s two-day official visit to the Caribbean nation, marking a major breakthrough in the country’s digital payment landscape.
As part of the agreement, Trinidad and Tobago will now be able to leverage UPI’s robust and secure payment ecosystem, enabling seamless transactions between individuals and businesses. This move is expected to further boost financial inclusion, reduce transaction costs, and enhance the overall efficiency of the country’s payment system.
The adoption of UPI by Trinidad and Tobago is a testament to the country’s commitment to embracing innovative digital payment solutions and its willingness to explore new opportunities for collaboration with India. The two countries have also agreed to explore further collaboration in the implementation of India Stack solutions, including DigiLocker, e-Sign, and Government e-Marketplace (GeM).
UPI, which was launched in India in 2016, has gained immense popularity in the country, with over 1.3 billion transactions worth $10 billion processed through the platform in 2020 alone. The platform’s success has led to its adoption by several other countries, including Bhutan, Nepal, Brazil, Russia, and the United Arab Emirates.
The news of Trinidad and Tobago’s adoption of UPI was announced by the Prime Minister of Trinidad and Tobago, Keith Rowley, during a joint press conference with Prime Minister Narendra Modi. Rowley expressed his country’s enthusiasm for exploring new opportunities in the digital payment space and praised India’s pioneering work in this area.
“India has been a leader in the digital payment space, and we are excited to be the first Caribbean country to adopt UPI,” Rowley said. “We believe that this partnership will not only drive financial inclusion but also foster greater economic cooperation between our two nations.”
Modi, who was on a two-day official visit to Trinidad and Tobago, hailed the adoption of UPI as a significant milestone in the country’s digital journey. He emphasized the importance of digital payments in promoting financial inclusion, reducing transaction costs, and enhancing the overall efficiency of the payment system.
“We are proud to share our expertise in digital payments with Trinidad and Tobago, and we believe that this partnership will benefit both our nations,” Modi said. “UPI is a game-changer in the digital payment space, and we are confident that it will have a significant impact on the country’s economy.”
The adoption of UPI by Trinidad and Tobago is also expected to boost the country’s financial inclusion efforts. The platform’s user-friendly interface and robust security features make it an attractive option for individuals and businesses alike, particularly in rural areas where access to traditional banking services may be limited.
Furthermore, the integration of UPI with other India Stack solutions, such as DigiLocker and e-Sign, will enable Trinidad and Tobago to leverage a range of digital services, including digital identity verification, document storage, and electronic signatures. This will help to streamline business processes, reduce costs, and enhance the overall efficiency of the country’s government services.
In conclusion, Trinidad and Tobago’s adoption of UPI marks a significant milestone in the country’s digital journey and its partnership with India. As the first Caribbean country to adopt UPI, Trinidad and Tobago has taken a bold step towards embracing innovative digital payment solutions and expanding its economic ties with India.
