Trinidad & Tobago becomes the first Caribbean nation to adopt UPI
In a significant move, Trinidad and Tobago has become the first Caribbean country to adopt Unified Payments Interface (UPI), India’s flagship digital payment platform. This development marks a major milestone in the growing partnership between India and Trinidad and Tobago, as the two nations agreed to explore further collaboration in the implementation of India Stack solutions.
The announcement was made 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 partnership is expected to enhance financial inclusion, promote digital payments, and boost economic growth in the region.
UPI is India’s flagship digital payment platform, which allows users to make payments directly from their bank accounts without the need for physical cards or cash. Since its launch in 2016, UPI 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 significant development, as it marks the first instance of a Caribbean nation embracing the platform. This move is expected to pave the way for other countries in the region to follow suit, thereby promoting financial inclusion and digital payments across the Caribbean.
The partnership between India and Trinidad and Tobago goes beyond the adoption of UPI, as the two nations agreed to explore further collaboration in the implementation of India Stack solutions. India Stack is a set of APIs that enable developers to build various applications, including digital payments, identity verification, and document storage.
As part of this partnership, Trinidad and Tobago also agreed to implement other India Stack solutions, including DigiLocker, e-Sign, and Government e-Marketplace (GeM). DigiLocker is a digital locker service that allows citizens to store their documents securely, while e-Sign is an electronic signature platform that enables secure signing of documents. GeM is a government procurement platform that allows businesses to purchase goods and services from the government.
The adoption of UPI by Trinidad and Tobago is expected to have a significant impact on the country’s economy, as it will promote digital payments and financial inclusion. According to a report by the Reserve Bank of India, the adoption of digital payments has led to a significant reduction in cash transactions in India, resulting in increased efficiency and reduced costs.
The partnership between India and Trinidad and Tobago is a testament to the growing partnership between the two nations. In recent years, India has been actively engaging with countries in the Caribbean region, with a focus on promoting economic cooperation and collaboration.
In conclusion, the adoption of UPI by Trinidad and Tobago is a significant development that marks a major milestone in the growing partnership between India and the Caribbean region. This partnership is expected to promote financial inclusion, digital payments, and economic growth in the region, and serves as a testament to the growing partnership between the two nations.
