By Jaspreet Kalra
Exciting News for Trinidad and Tobago: NPCI to Develop Digital Payments System
In a groundbreaking announcement, the overseas arm of India’s National Payments Corporation of India (NPCI) has revealed its plans to build a cutting-edge digital payments system for Trinidad and Tobago. This system will be modeled after India’s highly successful United Payments Interface (UPI), promising a seamless and efficient payment experience for users in Trinidad and Tobago.
The NPCI International Payments Limited (NIPL) has signed a deal with the Ministry of Digital Transformation of Trinidad and Tobago to create a dynamic payments platform that caters to both person-to-person and person-to-merchant transactions. With this initiative, Trinidad and Tobago is set to revolutionize its payment landscape and embrace the benefits of digital transactions.
The NPCI, known for its role as a quasi-regulator overseeing India’s retail payment systems, including the popular UPI, is a public non-profit organization committed to driving financial inclusivity and innovation through digital payments.
Earlier this year, NIPL had already embarked on similar projects in Peru and Namibia, utilizing UPI as a blueprint for these digital payments systems. The NPIL, a dedicated entity catering to the global expansion of India’s payment systems, is also in discussions with various African and South American countries to facilitate the development of robust payments infrastructure.