{"id":342035,"date":"2024-09-27T16:03:00","date_gmt":"2024-09-27T11:03:00","guid":{"rendered":"https:\/\/www.prnewswire.com\/news-releases\/npci-international-to-develop-upi-like-real-time-payments-platform-in-trinidad-and-tobago-302260990.html"},"modified":"2024-09-27T16:03:00","modified_gmt":"2024-09-27T11:03:00","slug":"npci-international-to-develop-upi-like-real-time-payments-platform-in-trinidad-and-tobago","status":"publish","type":"post","link":"https:\/\/www.technologyforyou.org\/npci-international-to-develop-upi-like-real-time-payments-platform-in-trinidad-and-tobago\/","title":{"rendered":"NPCI International to Develop UPI-like Real-Time Payments Platform in Trinidad and Tobago"},"content":{"rendered":"<ul type=\"disc\">\n<li><i>Agreement signed with the <\/i><i>Ministry of Digital Transformation, <span class=\"xn-location\">Trinidad and Tobago<\/span><\/i><\/li>\n<li><i>Marks an important step in expanding <span class=\"xn-location\">India&#8217;s<\/span> digital public goods initiative globally<\/i><\/li>\n<\/ul>\n<p><span class=\"legendSpanClass\"><span class=\"xn-location\">MUMBAI, India<\/span><\/span>, <span class=\"legendSpanClass\"><span class=\"xn-chron\">Sept. 27, 2024<\/span><\/span> \/PRNewswire\/ &#8212; <a href=\"https:\/\/www.npci.org.in\/who-we-are\/group-companies\/npci-international\" rel=\"nofollow noopener\" target=\"_blank\"><b>NPCI International Payments Limited<\/b><\/a>&nbsp;(NIPL) has entered into a strategic partnership with the <a href=\"https:\/\/mdt.gov.tt\/\" rel=\"nofollow noopener\" target=\"_blank\"><b>Ministry of Digital Transformation<\/b><\/a>&nbsp;(MDT) of <span class=\"xn-location\">Trinidad and Tobago<\/span>, to develop a real-time payments platform similar to <span class=\"xn-location\">India&#8217;s<\/span> &#8216;<a href=\"https:\/\/www.npci.org.in\/what-we-do\/upi\/product-overview\" rel=\"nofollow noopener\" target=\"_blank\"><b>Unified Payments Interface<\/b><\/a>&#8216; (UPI). This collaboration marks a significant milestone, making <span class=\"xn-location\">Trinidad and Tobago<\/span> the first <span class=\"xn-location\">Caribbean<\/span> nation to adopt the globally renowned UPI. This builds on the strong, longstanding bilateral ties between the two countries.<\/p>\n<div class=\"continue-reading text-center mt-xl visible-xs-block\">\n<span><br \/>\n<a class=\"smooth-scroll\" href=\"https:\/\/www.prnewswire.com\/news-releases\/npci-international-to-develop-upi-like-real-time-payments-platform-in-trinidad-and-tobago-302260990.html#continue-jump\">Continue Reading<br \/>\n<br \/><i class=\"btr bt-angle-down mt-md\"><\/i><br \/>\n<\/a><br \/>\n<\/span>\n<\/div>\n<div class=\"pull-right inline-gallery-container col-md-8 col-sm-7 col-xs-12\">\n<div class=\"gallery inline-gallery\">\n<div class=\"row\">\n<div class=\"col-sm-12 clearfix\">\n<figure>\n<div class=\"image lightbox-item \" data-src=\"https:\/\/mma.prnewswire.com\/media\/2517483\/NIPL_MDT_agreement_signing.jpg?p=publish\" data-asset-type=\"photo\" data-asset-id=\"Life_After_Debt_Aug_17_Event.jpg\" data-asset-label=\"General\" data-sub-html=\"L to R: Dr. Alvin Hilaire, Governor, CBTT; Mr. Cory Belfon, Permanent Secretary, MDT; Ms. Maria Francis, Incharge, NIPL; His Excellency Dr. Pradeep Singh Rajpurohit, High Commissioner of India to the Republic of Trinidad and Tobago\" data-tweet-text=\"L to R: Dr. Alvin Hilaire, Governor, CBTT; Mr. Cory Belfon, Permanent Secretary, MDT; Ms. Maria Francis, Incharge, NIPL; His Excellency Dr. Pradeep Singh Rajpurohit, High Commissioner of India to the Republic of Trinidad and Tobago\" data-facebook-share-text=\"L to R: Dr. Alvin Hilaire, Governor, CBTT; Mr. Cory Belfon, Permanent Secretary, MDT; Ms. Maria Francis, Incharge, NIPL; His Excellency Dr. Pradeep Singh Rajpurohit, High Commissioner of India to the Republic of Trinidad and Tobago\" data-linkedin-text=\"L to R: Dr. Alvin Hilaire, Governor, CBTT; Mr. Cory Belfon, Permanent Secretary, MDT; Ms. Maria Francis, Incharge, NIPL; His Excellency Dr. Pradeep Singh Rajpurohit, High Commissioner of India to the Republic of Trinidad and Tobago\" data-download-url=\"https:\/\/mma.prnewswire.com\/media\/2517483\/NIPL_MDT_agreement_signing.jpg?p=publish\" data-pinterest-text=\"L to R: Dr. Alvin Hilaire, Governor, CBTT; Mr. Cory Belfon, Permanent Secretary, MDT; Ms. Maria Francis, Incharge, NIPL; His Excellency Dr. Pradeep Singh Rajpurohit, High Commissioner of India to the Republic of Trinidad and Tobago\" data-twitter-share-url=\"https:\/\/mma.prnewswire.com\/media\/2517483\/NIPL_MDT_agreement_signing.jpg?p=twitter\" data-linkedin-share-url=\"https:\/\/mma.prnewswire.com\/media\/2517483\/NIPL_MDT_agreement_signing.jpg?p=linkedin\" data-facebook-share-url=\"https:\/\/mma.prnewswire.com\/media\/2517483\/NIPL_MDT_agreement_signing.jpg?p=facebook\" data-pinterest-share-url=\"https:\/\/mma.prnewswire.com\/media\/2517483\/NIPL_MDT_agreement_signing.jpg?p=facebook\" onclick=\"omniture_corousal('Carousel Page','Photo Open','https:\/\/mma.prnewswire.com\/media\/2517483\/NIPL_MDT_agreement_signing.jpg','General');\">\n<a href=\"https:\/\/www.prnewswire.com\/news-releases\/npci-international-to-develop-upi-like-real-time-payments-platform-in-trinidad-and-tobago-302260990.html#\" class=\"tabfocus\" role=\"button\"><img title=\"L to R: Dr. Alvin Hilaire, Governor, CBTT; Mr. Cory Belfon, Permanent Secretary, MDT; Ms. Maria Francis, Incharge, NIPL; His Excellency Dr. Pradeep Singh Rajpurohit, High Commissioner of India to the Republic of Trinidad and Tobago\" data-getimg=\"https:\/\/mma.prnewswire.com\/media\/2517483\/NIPL_MDT_agreement_signing.jpg?w=600\" id=\"imageid_2\" alt=\"L to R: Dr. Alvin Hilaire, Governor, CBTT; Mr. Cory Belfon, Permanent Secretary, MDT; Ms. Maria Francis, Incharge, NIPL; His Excellency Dr. Pradeep Singh Rajpurohit, High Commissioner of India to the Republic of Trinidad and Tobago\" class=\"gallery-thumb img-responsive\" rel=\"newsImage\" itemprop=\"contentUrl\" loading=\"lazy\"><\/a><br \/>\n<span class=\"fa fa-arrows-alt arrow_styles\" aria-hidden=\"true\"><\/span>\n<\/div><figcaption>\nL to R: Dr. Alvin Hilaire, Governor, CBTT; Mr. Cory Belfon, Permanent Secretary, MDT; Ms. Maria Francis, Incharge, NIPL; His Excellency Dr. Pradeep Singh Rajpurohit, High Commissioner of India to the Republic of Trinidad and Tobago<br \/>\n<\/figcaption><\/figure>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>This strategic partnership aims to empower <span class=\"xn-location\">Trinidad and Tobago<\/span> to establish a reliable and efficient real-time payments platform for both person-to-person (P2P) and person-to-merchant (P2M) transactions, expanding digital payments in the country and fostering financial inclusion. By leveraging technology and experiences from <span class=\"xn-location\">India&#8217;s<\/span> UPI, the partnership seeks to assist <span class=\"xn-location\">Trinidad and Tobago<\/span> in modernising its financial ecosystem. This involves enhancing accessibility, affordability, connectivity with domestic and international payment networks in the times to come and ensuring interoperability.<\/p>\n<p>UPI has emerged as a transformative force in <span class=\"xn-location\">India&#8217;s<\/span> financial landscape, registering nearly 15 billion transactions in <span class=\"xn-chron\">August 2024<\/span>, with an estimated value of <span class=\"xn-money\">USD 245 billion<\/span>. Through strategic collaborations with foreign central banks and governments, NIPL is committed to advancing <span class=\"xn-location\">India&#8217;s<\/span> digital public goods across the globe.<\/p>\n<p>Speaking on the development, <b>Mr. <span class=\"xn-person\">Ritesh Shukla<\/span>, CEO, NPCI International,<\/b> said, <i>&#8220;<span class=\"xn-location\">Trinidad and Tobago<\/span> is taking significant steps towards advancing its financial infrastructure, and we are proud to support them in building a secure, sovereign, and scalable payments platform. Our experience with UPI in <span class=\"xn-location\">India<\/span> has demonstrated how real-time payments can transform economies, by improving access to essential financial services and reducing reliance on cash. We look forward to working closely with the Ministry of Digital Transformation and the Central Bank in <span class=\"xn-location\">Trinidad and Tobago<\/span>.&#8221;<\/i><\/p>\n<p><b>Spokesperson of Ministry of Digital Transformation, <span class=\"xn-location\">Trinidad and Tobago<\/span>, <\/b>said, &#8220;<i>It is with great anticipation that the Ministry of Digital Transformation and the Ministry of Finance embark on this significant engagement with NIPL to implement a digital payment system for <span class=\"xn-location\">Trinidad and Tobago<\/span>. Fashioned on <span class=\"xn-location\">India&#8217;s<\/span> UPI, the digital payment platform will facilitate innovation in the Fintech sector, enhance the technical resiliency of the current payment infrastructure by providing a complementary, non-competing digital payments platform with increased security through the reduced use of cash. Moreover, successful implementation will contribute to the financial inclusion of our unbanked citizens. We extend sincere thanks to the Central Bank of <span class=\"xn-location\">Trinidad and Tobago<\/span>, which continues to be a strategic partner and stakeholder in this important initiative. We look forward to the partnership with NPCI International, as we actively seek to transform the existing payments landscape and establish a modern digital payments ecosystem.&#8221;<\/i><\/p>\n<p>For more details about NPCI International,&nbsp;click&nbsp;<a href=\"https:\/\/www.npci.org.in\/who-we-are\/group-companies\/npci-international\" rel=\"nofollow noopener\" target=\"_blank\"><b>here<\/b><\/a>.<\/p>\n<p>For queries: <a href=\"https:\/\/www.prnewswire.com\/cdn-cgi\/l\/email-protection#89eae6fbf9e6fbe8fdeca7eae6e4e4fce7e0eae8fde0e6e7fac9e7f9eae0a7e6fbeea7e0e7\" rel=\"nofollow noopener\" target=\"_blank\"><span class=\"__cf_email__\" data-cfemail=\"b6d5d9c4c6d9c4d7c2d398d5d9dbdbc3d8dfd5d7c2dfd9d8c5f6d8c6d5df98d9c4d198dfd8\">[email&nbsp;protected]<\/span><\/a>&nbsp;<\/p>\n<p>Photo: <a href=\"https:\/\/mma.prnewswire.com\/media\/2517483\/NIPL_MDT_agreement_signing.jpg\" rel=\"nofollow noopener\" target=\"_blank\">https:\/\/mma.prnewswire.com\/media\/2517483\/NIPL_MDT_agreement_signing.jpg<\/a><br class=\"dnr\">Logo: <a href=\"https:\/\/mma.prnewswire.com\/media\/2243005\/4331629\/NPCI_Logo.jpg\" rel=\"nofollow noopener\" target=\"_blank\">https:\/\/mma.prnewswire.com\/media\/2243005\/4331629\/NPCI_Logo.jpg<\/a><\/p>\n<p>SOURCE NIPL<\/p>\n<p><img decoding=\"async\" alt src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=IO17583&amp;Transmission_Id=202409270703PR_NEWS_USPR_____IO17583&amp;DateId=20240927\">\n<link rel=\"stylesheet\" href=\"\/etc.clientlibs\/prncom\/components\/content\/prnWidgetButton\/clientlib.min.css\" type=\"text\/css\">\n<div class=\"newsFeaturedSection \" readability=\"5.5570469798658\">\n<div class=\"newsFeaturedWrap\" readability=\"6.4832214765101\">\n<p><h2>WANT YOUR COMPANY&#8217;S NEWS <span>FEATURED ON PRNEWSWIRE.COM?<\/span><\/h2>\n<\/p>\n<div class=\"newFeaturedIcon\" readability=\"8\">\n<div class=\"featuredIcon-col\" readability=\"7\">\n<div class=\"icon-bg\">\n<img decoding=\"async\" src=\"https:\/\/www.prnewswire.com\/content\/dam\/newsfeatured\/icon3.png\" alt=\"icon3\">\n<\/div>\n<p>\n440k+<br \/>Newsrooms&nbsp;&amp;<br \/>Influencers\n<\/p>\n<\/div>\n<div class=\"featuredIcon-col\" readability=\"7\">\n<div class=\"icon-bg\">\n<img decoding=\"async\" src=\"https:\/\/www.prnewswire.com\/content\/dam\/newsfeatured\/icon1.png\" alt=\"icon1\">\n<\/div>\n<p>\n9k+<br \/>Digital&nbsp;Media<br \/>Outlets\n<\/p>\n<\/div>\n<div class=\"featuredIcon-col\" readability=\"7\">\n<div class=\"icon-bg\">\n<img decoding=\"async\" src=\"https:\/\/www.prnewswire.com\/content\/dam\/newsfeatured\/icon2.png\" alt=\"icon2\">\n<\/div>\n<p>\n270k+<br \/>Journalists<br \/>Opted In\n<\/p>\n<\/div>\n<\/div><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Agreement signed with the Ministry of Digital Transformation, Trinidad and Tobago Marks an important step in expanding India&#8217;s digital public goods initiative globally MUMBAI, India, Sept. 27, 2024 \/PRNewswire\/ &#8212; NPCI International Payments Limited (NIPL) has entered into a strategic&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19158],"tags":[],"class_list":{"0":"post-342035","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-technology-press-releases"},"_links":{"self":[{"href":"https:\/\/www.technologyforyou.org\/wp-json\/wp\/v2\/posts\/342035","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.technologyforyou.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.technologyforyou.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.technologyforyou.org\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.technologyforyou.org\/wp-json\/wp\/v2\/comments?post=342035"}],"version-history":[{"count":0,"href":"https:\/\/www.technologyforyou.org\/wp-json\/wp\/v2\/posts\/342035\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.technologyforyou.org\/wp-json\/wp\/v2\/media?parent=342035"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.technologyforyou.org\/wp-json\/wp\/v2\/categories?post=342035"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.technologyforyou.org\/wp-json\/wp\/v2\/tags?post=342035"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}