NPCI to develop digital payments system for Trinidad and Tobago

The National Payments Corporation of India (NPCI), through its international subsidiary, NPCI International Payments Limited (NIPL), has secured a deal to develop a digital payments system for Trinidad and Tobago. This system will be modeled after India's highly successful United Payments Interface (UPI), according to a statement released on Friday.

The partnership with Trinidad and Tobago's Ministry of Digital Transformation will focus on creating a platform that supports both person-to-person and person-to-merchant transactions, further boosting the Caribbean nation's move towards a cashless economy.

NPCI, a public non-profit organisation under the regulatory umbrella of the Reserve Bank of India, manages India’s retail payment systems, with UPI being the most widely used digital payment method in the country. The UPI system has revolutionised the Indian payments landscape, handling billions of transactions monthly and setting a global benchmark for digital payments infrastructure.

NIPL has been actively promoting India’s payments solutions overseas, aiming to replicate UPI’s success globally. Earlier this year, it signed agreements with Peru and Namibia to develop similar digital payments frameworks. The latest partnership with Trinidad and Tobago underscores the growing influence of India's payments expertise on the international stage.

NIPL is also exploring opportunities with other countries across Africa and South America, with talks underway to assist them in building robust and secure digital payments systems.

This strategic international expansion aligns with India's broader ambitions to position its financial technologies as global solutions, benefiting economies by driving financial inclusion and enhancing digital infrastructure.