Trinidad and Tobago is set to become the first Caribbean nation to adopt India’s Unified Payments Interface (UPI), a real-time digital payments system developed by the National Payments Corporation of India. The project involves a real-time payments platform modelled on UPI and is linked to technical cooperation between NPCI International Payments Limited and the Ministry of Digital Transformation of Trinidad and Tobago.
Unified Payments Interface
Unified Payments Interface is an instant payment system that enables bank-to-bank transfers through mobile devices. It supports person-to-person (P2P), person-to-merchant (P2M), and government-to-person (G2P) transactions. UPI operates on a real-time settlement framework and is used widely in India for digital retail payments.
Agreement and Implementation Plan
An agreement for the development of the platform was signed on 10 September 2024, and the official exchange ceremony took place on 26 September 2024. The High Commissioner of Trinidad and Tobago to India stated on 29 September 2026 that implementation is being actively pursued. Dr. Alvin Hilaire, Governor of the Central Bank of Trinidad and Tobago, announced in October 2024 that a pilot programme would begin in 2025 and full implementation was expected by the end of 2025.
Bilateral Cooperation and Platform Ownership
The UPI initiative forms part of wider India–Trinidad and Tobago cooperation, alongside six memoranda of understanding and agreements signed during Prime Minister Narendra Modi’s visit to Trinidad and Tobago. The Government of Trinidad and Tobago will retain full ownership and control of the platform, while India will provide technical assistance and skills transfer.
Important Facts for Exams
- Trinidad and Tobago is the first Caribbean country to adopt India’s Unified Payments Interface.
- NPCI International Payments Limited is the international arm associated with the expansion of UPI abroad.
- UPI supports P2P, P2M, and G2P digital transactions.
- The Central Bank of Trinidad and Tobago has linked the pilot phase to 2025.
Digital Payments Context
UPI is part of India’s digital public infrastructure and is designed for interoperable payments across participating banks and payment service providers. Trinidad and Tobago’s planned platform is intended to reduce cash dependence, lower transaction costs, and expand access to financial services.
