India To Help Trinidad And Tobago Develop UPI-Like Payment Infrastructure
The two countries showed a strong interest in deepening their cooperation in the digital space.
Trinidad and Tobago, a Caribbean nation, has taken an interest in India's ingenious developed digital payment method Unified Payment Interface (UPI). India and NPCI (National Payment Corporation of India) are supporting Trinidad and Tobago in developing a UPI-like digital payments system, which is still under implementation. The payment system in the Caribbean nation isn't live yet.
Earlier, PM Narendra Modi paid an official visit to Trinidad and Tobago from July 3-4 at the invitation of Kamla Persad-Bissessar, Prime Minister of Trinidad and Tobago. PM Modi congratulated Trinidad and Tobago on becoming the first Caribbean nation to take interest in the payment technology, as per ANI report.
A total of seven countries, including France, Bhutan, Mauritius, Nepal, Singapore, Sri Lanka, and UAE have adopted India's ingenious technology UPI so far.
List of countries where international merchant payments are accepted at select merchant outlets:
The two countries showed a strong interest in deepening their cooperation in the digital space. Both sides agreed to explore further collaboration in implementing India Stack solutions such as DigiLocker, e-Sign, and the Government e-Marketplace (GeM).
Trinidad and Tobago also sought India's support in digitizing and upgrading its state land registration system. The leaders noted that digital governance and public service delivery have the potential to drive inclusive development, foster innovation, and enhance national competitiveness, according to a statement from the Ministry of External Affairs.
In pursuance of NPCI Board & RBI approval, NPCI International Payments Limited (NIPL) has been incorporated on April 3, 2020 as a wholly owned subsidiary of National Payments Corporation of India (NPCI). NIPL is devoted for deployment of RuPay (domestic card scheme) and UPI (mobile payment solution) outside of India. NIPL is focused on transforming payments across the globe with use of technology and innovation.
NPCI also has RuPay, the first-of-its-kind domestic Card payment network of India, with wide acceptance at ATMs, POS devices and e-commerce websites. RuPay has launched various card variants catering to the different segments of the society. The name, derived from the words 'Rupee and 'Payment', emphasizes that it is India's very own initiative for Card payments.
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