Trinidad and Tobago to roll out India’s UPI payment platform

Trinidad and Tobago: Trinidad and Tobago is set to become the first country in the Caribbean region to roll out a real-time payments platform based on India’s Unified Payments Interface (UPI).

The initiative is being developed through a partnership between NPCI International Payments Limited (NIPL) and Trinidad and Tobago’s Ministry of Digital Transformation. An agreement was signed in September 2024 to develop a real-time payments platform modelled on India's UPI.

PM Narendra Modi’s recent visit to Trinidad and Tobago led to the signing of six Memorandum Of Understanding (MOUs) and several other agreements, aimed at strengthening people to people and cultural ties. This year marks the 64th anniversary of diplomatic relations between both the countries.

There has been a historical connection between India and Trinidad and Tobago as Indian labourers arrived in Trinidad 181 years ago. The agreements aim to deepen bilateral ties in the areas of trade, technology, investment and healthcare between both the countries. High Commissioner to India stated that the level of interaction between both countries is strong and mutually beneficial.

The UPI is being adopted to ensure smooth online payments interface in Trinidad and Tobago. Highlighting the historical connection between both countries, India’s External Affairs Minister Dr. S. Jaishankar stated that both countries have been victims of colonisation, and firmly believe in the principles of sovereignty and democracy.

By adopting UPI, the country aims to become the first Caribbean country to adopt this advanced technology. The system permits immediate bank to bank transfers on daily bases. Moreover, adopting UPI does away with the need of carrying cash every time. The adoption aims to enhance economic cooperation between India and Trinidad and Tobago.

The bilateral trade has seen a significant increase, with trade almost doubling in the last five years, now at $350 million. Pharmaceuticals, automobiles, textiles and garments sectors are on the rise. The deepening of ties is beneficial to both the countries during these turbulent times when the global economy is adversely suffering due to ongoing wars.

Stronger ties provide stability to both countries. Both countries continue to draw strength from each other. UPI provides a good platform for seamless payments, transferring money anytime and anywhere within the territory.