New Delhi: Caribbean nation, Trinidad and Tobago is under process of implementing India’s Unified Payments Interface (UPI) like system into its financial landscape. On September 26, 2024, the regulatory authority, National Payments Corporation of India (NPCI) signed a strategic agreement with the Ministry of Digital Transformation (MDT) of Trinidad and Tobago according to which the latter will develop a real-time payments platform similar to India’s UPI. This would also help the Caribbean nation to make seamless bank transactions through mobile devices just like it happens in India. This would also enable citizens in the Caribbean nation initiate both peer to peer and peer to merchant real time transactions on various devices.
UPI Available In Seven Countries
The Trinidad and Tobago is the latest one to have partnered with the NPCI whose UPI is already operational in seven other countries which subsume Sri Lanka, Mauritius, France, the United Arab Emirates, Singapore, Bhutan, and Nepal. Indians travelling to these countries can use UPI for digital transactions.
India’s nodal payment regulatory authority has signed pacts with many countries to help develop UPI like system for financial inclusion. NPCI’s UPI is gift from India to the entire world. More and more counties are likely to get onboard with the regulator to start UPI like services in their respective country. This would also help India flex its arms on global financial landscape.
UPI Makes A New Record In September 2024
Every new month sees NPCI’s flagship digital transaction payment system make a new record. The UPI payments in India made a new record of highest ever monthly transactional value of Rs 20.64 lakh crore in September 2024 up 31% from Rs 15.78 lakh crore in year ago month. Digital transactions volume increased 42% year-on-year (YoY) to 1,504 crore in the said month from 1, 055 crore in year ago period. While, average daily transactions jumped to 60 crore in September 2024.
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