NPCI To Build UPI-Like Payments Platform In Trinidad & Tobago
The Internet's Influence on Digital Payments
NPCI International, a subsidiary of the National Payments Corporation of India, is spearheading a major initiative to develop a UPI-like payments platform in Trinidad and Tobago. This partnership with the Ministry of Digital Transformation aims to revolutionize the Caribbean financial landscape by implementing real-time payments infrastructure.
Advantages of the New Payments Platform
- Real-Time Transactions: The platform will facilitate both person-to-person (P2P) and person-to-merchant (P2M) transactions.
- Financial Inclusion: A focus on incorporating unbanked populations into the financial system.
- Enhanced Security: Reducing cash dependency will improve security across transactions.
CEO Ritesh Shukla emphasized the significance of this move, stating, “Trinidad and Tobago is taking significant steps towards advancing its financial infrastructure…” This development indicates a broader trend as India explores similar opportunities in Africa and South America, aiming for interoperability and connectivity among payment networks.
Transitioning Financial Landscapes
- Indian collaborations are expected to bear fruit by early 2027.
- NIPL, launched in 2020, focuses on establishing NPCI’s systems in global markets.
- UPI recorded nearly 15 billion transactions valued at approximately $245 billion by August 2024.
This initiative reflects an essential progression of the Internet in shaping reliable financial solutions globally. For deeper insights, visit the source for more details.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.