NIPL, a subsidiary of the National Payments Corporation of India (NPCI), has partnered with the Ministry of Digital Transformation of Trinidad and Tobago. This partnership will help the Caribbean nation establish a real-time payment platform that will mirror the functionality and success of India’s widely adopted Unified Payments Interface (UPI) system.The report added that this partnership builds on the strong, longstanding bilateral ties between the two countries.
“This collaboration marks a significant milestone, making Trinidad and Tobago the first Caribbean nation to adopt the globally renowned UPI,” NPCI said in a statement to the news agency PTI.
How this partnership will help Trinidad and Tobago
As per the report, the primary goal of this collaboration is to equip Trinidad and Tobago with a real-time payment system that will enable easy and secure digital transactions between individuals and businesses in the country. The system is expected to drive the growth of digital payments across the nation, further promoting financial inclusivity.
This system is expected to improve Trinidad and Tobago’s financial infrastructure which will use the technology and expertise behind India’s successful UPI system. This modernisation effort will focus on increasing accessibility, affordability, and connectivity to both domestic and international payment networks. It will also ensure interoperability, enabling easy transactions across different platforms and financial institutions.
NIPL is actively promoting India’s UPI system globally
The NPCI subsidiary is in discussions with over 20 countries in Africa and South America to help them develop UPI-like platforms. Deals are already signed with Peru and Namibia, with launches expected by early 2027. Rwanda is also reportedly in serious discussions.
Beyond building new systems, NIPL is focused on connecting UPI with existing real-time payment systems in other countries. Several links are already live, and more are planned. To support this expansion, NIPL plans to double its workforce by March 2025 and increase its overseas presence.
Currently, UPI is accepted in several countries, including France, Bhutan, Nepal, Sri Lanka, Singapore, the UAE, and others.
UPI has also transformed India’s digital payment sector as it processed a staggering 15 billion transactions in August 2024.
Source link : http://www.bing.com/news/apiclick.aspx?ref=FexRss&aid=&tid=66f6e88efe984ef191efdf1309012a0a&url=https%3A%2F%2Ftimesofindia.indiatimes.com%2Ftechnology%2Ftech-news%2Fnpci-is-helping-another-country-to-develop-a-upi-like-digital-payment-system%2Farticleshow%2F113746872.cms&c=15444669540969131137&mkt=en-us
Author :
Publish date : 2024-09-27 05:35:00
Copyright for syndicated content belongs to the linked Source.
