Trinidad and Tobago Partners with NPCI to Launch UPI-Like Payment System

byPriyanka JuyalLast Updated: October 11, 2024

Key Takeaways

Trinidad and Tobago to implement a real-time payment system similar to India’s UPI, in collaboration with NPCI.
The system will allow seamless P2P and P2M transactions across mobile devices, enhancing financial inclusion.
Trinidad and Tobago joins seven other countries where UPI is operational, including Sri Lanka, UAE, and Singapore.
UPI continues to break records in India, with ₹20.64 lakh crore in transaction value in September 2024.

Trinidad and Tobago is set to adopt a financial system similar to India’s Unified Payments Interface (UPI). The National Payments Corporation of India (NPCI) signed a strategic agreement with the Ministry of Digital Transformation (MDT) of Trinidad and Tobago to introduce a real-time payments platform in the Caribbean nation. This platform will allow seamless mobile-based bank transactions, enabling peer-to-peer (P2P) and peer-to-merchant (P2M) real-time payments, similar to how UPI operates in India.

The implementation of UPI-like technology will modernize Trinidad and Tobago’s financial landscape, making everyday transactions easier and faster for its citizens. Users will be able to make quick and secure payments across multiple devices, enhancing financial inclusion in the country.

Know what is UPI International Payment: How to Activate Account and Make Payment

UPI Expands Globally to Seven Countries

Trinidad and Tobago is the latest addition to the list of countries adopting India’s U PI technology. UPI is already operational in seven other countries, including Sri Lanka, Mauritius, Singapore, Bhutan, France, the United Arab Emirates and Nepal. These collaborations enable Indian travellers to use UPI for seamless digital payments while abroad.

Read the List of Countries Accepting UPI

India’s NPCI continues to partner with global governments and institutions, helping to implement UPI-like systems in multiple countries to enhance financial inclusion. These partnerships are a testament to the growing recognition of UPI’s capability to transform digital payment systems worldwide.

Record-Breaking UPI Transactions in India, September 2024

In India, UPI continues to break records, setting a new benchmark in September 2024 with the highest-ever monthly transactional value of ₹20.64 lakh crore, a 31% increase from ₹15.78 lakh crore in September 2023. The volume of digital transactions grew 42% year-on-year, reaching 1,504 crore transactions in September 2024, up from 1,055 crore a year earlier. Average daily transactions soared to 60 crore during the month, reflecting the growing popularity and convenience of UPI as a payment method in India.

This steady rise in UPI transactions emphasizes its role in shaping the digital payments landscape in India and beyond. More countries are likely to partner with NPCI in the near future, further solidifying UPI’s position as a leading global payments solution.

Priyanka Juyal

Priyanka Juyal- a Writer with a curious mind & vision to create the best out of words. Other times, see her playing the guitar, sketching or narrating folk tales!

Related News

RBI Sets Ambitious Goals for UPI and CBDC Rollout

The Reserve Bank of India (RBI) targets a significant increase in daily UPI transactions, aiming to reach 1 billion from the current 500 million. In a recent address at the Annual International Banking Seminar, Governor Shaktikanta Das underscored UPI's efficiency and its expansion into seven countries, including Sri Lanka, UAE, and Singapore. Meanwhile, the RBI is proceeding carefully with the Central Bank Digital Currency (CBDC), emphasizing thorough testing for security and reliability. The pilot phase for the wholesale CBDC launched in November 2022, followed by retail trials in December, aiming to streamline international payments by reducing intermediary involvement.

News Post: October 28, 2024

PM Modi Urges BRICS to Embrace UPI as Maldives and UAE Join the System

Prime Minister Narendra Modi has called for BRICS nations to adopt India's Unified Payments Interface (UPI) to enhance financial integration. With the UAE already onboard and Mauritius expressing interest, this move aims to expand UPI’s global reach. Additionally, the Maldives plans to implement UPI following India's support in strengthening its digital infrastructure. In India, digital payments are steadily rising, accounting for nearly half of all transactions as cash usage declines, per an RBI study.

News Post: October 25, 2024

President Muizzu Introduces UPI to Boost Maldives Economy

President Muizzu has taken steps to introduce India’s UPI payment system in the Maldives, aiming to improve the nation's economy through better financial inclusion and efficiency. A consortium led by TradeNet Maldives Corporation Limited will manage the rollout, supported by a government coordination team. This move, coming after a recent agreement with India, is expected to enhance the Maldives' digital infrastructure and marks a shift in Muizzu’s approach to foreign relations.

News Post: October 22, 2024

RBI Increases UPI Lite Limits to ₹1,000 & Wallet to ₹5,000

The Reserve Bank of India (RBI) has made digital payments easier by increasing UPI Lite transaction limits. The per-transaction limit for UPI Lite has been raised from ₹500 to ₹1,000, and the overall wallet limit has increased from ₹2,000 to ₹5,000. These changes aim to simplify small-value transactions and make digital payments more accessible and convenient for users across India, especially on platforms like Paytm.

News Post: October 9, 2024

UPI Transaction Limit Increased To Rs 5 Lakh

NPCI has raised the UPI transaction limit to ₹5 lakh for sectors like tax payments, healthcare, education, and financial investments, effective September 16, 2024. This change enables high-value transactions through UPI, promoting digital payments across broader financial activities. However, the limit for peer-to-peer transfers remains at ₹1 lakh. Users should check with their banks to confirm the availability of the new limit.

News Post: September 17, 2024

NPCI’s Auto Top-Up for UPI Lite from October 31

Starting October 31, 2024, UPI Lite users will benefit from an auto top-up feature, automatically reloading their balance for small-value, PIN-less transactions under ₹500. The balance will have a limit of ₹2,000, with up to five auto top-ups allowed per day. Users can cancel the auto top-up anytime, while banks and UPI apps will provide the necessary support to manage the feature. The National Payments Corporation of India (NPCI) announced this update in a circular on August 27, aiming to make small payments more seamless and reduce the strain on core banking systems. Source: NPCI

News Post: September 13, 2024

RBI’s New ULI Will Speed Up Loan Approvals and Reduce Paperwork

RBI Governor Shaktikanta Das has announced the Unified Lending Interface (ULI), a new platform to make loan approvals easier and faster. ULI will let lenders quickly access important information, like land records, reducing paperwork. It's especially helpful for small businesses and rural borrowers. ULI is part of India's push for digital banking, along with JAM and UPI, and will be rolled out nationwide after a successful pilot. Das also talked about improving cross-border payments and using AI carefully in banking to ensure data is accurate and private.

News Post: September 4, 2024

RBI Launches UPI Cash Deposits at ATMs, No Debit Card Needed

The Reserve Bank of India (RBI) has rolled out the UPI Interoperable Cash Deposit (UPI-ICD) service, allowing customers to deposit cash at ATMs using UPI without the need for a physical debit card. Launched at the Global Fintech Fest 2024, this new feature supports deposits into any bank account via UPI at ATMs equipped with cash recycler technology. The initiative is a part of the RBI's ongoing efforts to expand UPI's reach and promote digital payments across India.

News Post: September 2, 2024

How UPI Circle Lets Multiple Users Share One UPI ID

UPI Circle by NPCI enables multiple users, such as family members, to share a single UPI ID, allowing for secure, delegated transactions. The primary user manages access,setting transaction limits of up to ₹15,000 per month and ₹5,000 per transaction for secondary users. Also, it enforces security through mandatory biometrics or app passwords. This feature is particularly useful for enabling digital payments for those without bank accounts, such as children or elders, while reducing cash dependency and maintaining control over the shared account. It also increases UPI adoption by providing a safe and convenient payment option for all. Read more about UPI Circle and how does it workupi

News Post: August 23, 2024

RBI Hikes UPI Tax Payment Limit to Rs 5 Lakh

UPI Limit for Tax Payments Increased from Rs 1 Lakh to Rs 5 Lakh

The Reserve Bank of India (RBI) has increased the UPI limit for tax payments from Rs 1 lakh to Rs 5 lakh. This means you can now pay larger tax amounts quickly and easily using UPI.

Effective immediately, taxpayers can transfer up to Rs 5 lakh in a single UPI transaction for paying taxes. This move aims to simplify the tax payment process and encourage digital payments. Additionally, the RBI has introduced 'delegated payments' through UPI, allowing users to authorize another person to make UPI payments from their account.

These measures are expected to make tax payments more convenient and boost digital payment adoption across India.

News Post: August 8, 2024