CCAvenue Payment Gateway : NPCI India to develop UPI-like real-time payment platform in Trinidad and Tobago

On 30 September 2023, NPCI International Payments Limited (NIPL), India's national payments company, entered into a strategic partnership with the Ministry of Digital Transformation (MDT) of Trinidad and Tobago. The partnership aims to create a real-time payments platform similar to India's renowned Unified Payments Interface (UPI). The partnership marks an important milestone, making Trinidad and Tobago the first Caribbean country to adopt the globally recognised UPI. The move builds on the strong and enduring bilateral relationship between the two countries.

The strategic partnership is designed to assist Trinidad and Tobago in establishing a reliable and efficient real-time payments platform for person-to-person (P2P) and person-to-merchant (P2M) transactions. This will expand the adoption of digital payments in the country and drive financial inclusion. Leveraging the technology and experience of UPI India, the partnership works to modernise the financial ecosystem of Trinidad and Tobago. This includes enhancing the ease, affordability and connectivity of payments across domestic and international networks, while ensuring interconnectivity.

UPI has emerged as a transformative force in India's financial landscape. As of August 2024, UPI has close to 15 billion transactions with an estimated transaction value of $2.45 trillion.NIPL is committed to promoting India's digital public goods globally through strategic partnerships with international central banks and governments.