/payments

News and resources on payments systems, innovations and initiatives worldwide.

Trinidad and Tobago to roll out India's UPI payments tech

Trinidad and Tobago is the latest country to sign up with NPCI International Payments for the development of a real-time payments system based on India's UPI.

Be the first to comment

Trinidad and Tobago to roll out India's UPI payments tech

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

The Ministry of Digital Transformation of Trinidad and Tobago has signed a deal to deploy a real-time platform for both person-to-person and person-to-merchant transactions, expanding digital payments in the country and fostering financial inclusion.

Launched in 2016, the UPI has been central to India's efforts to use digital payments to boost financial inclusion and has now handled well over 100 billion transactions.

The NPCI international subsidiary was set up in 2020 to push the UPI, as well as the RuPay card network, outside of India. Already this year, the unit has struck deals with Peru, Namibia and Nepal's largest payment network, and it has also joined forces with Google Pay to accelerate global expansion.

A ministry spokesperson says: "Fashioned on India’s UPI, the digital payment platform will facilitate innovation in the fintech sector, enhance the technical resiliency of the current payment infrastructure by providing a complementary, non-competing digital payments platform with increased security through the reduced use of cash. Moreover, successful implementation will contribute to the financial inclusion of our unbanked citizens."

Sponsored [New Impact Study] Mastering the Transition to ISO 20022: Strategies for Compliance and Automated Testing in Financial Services

Comments: (0)

[Webinar] Solving the KYC challenge with end-to-end processesFinextra Promoted[Webinar] Solving the KYC challenge with end-to-end processes