India to help Trinidad and Tobago develop UPI-like payments system

India is emerging as a leader in the digital payments market as banks and other players get into the space. File.
| Photo Credit: The Hindu

The overseas wing of National Payments Corporation of India (NPCI) is set to build a digital payments system for Trinidad and Tobago, which will be modelled after United Payments Interface (UPI), according to a statement on Friday (September 27, 2024).

The NPCI International Payments Limited (NIPL), a quasi-government body under the RBI, said its deal with the Ministry of Digital Transformation of Trinidad and Tobago is to build a payments platform for both person-to-person and person-to-merchant transactions.

The NPCI manages India’s retail payment systems, including UPI, the country’s most popular mode of digital payments.

Earlier in the year, NIPL had agreed to establish digital payments systems for Peru and Namibia, using UPI as a blueprint.

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The NPIL, carved out of the NPCI to promote the adoption of UPI, is also in talks with African and South American countries to help them build payments systems.