India payments authority inks deal to develop payments system for Trinidad and Tobago

FILE PHOTO: A man uses his phone to scan a QR code of the digital payment app Paytm after purchasing a cold beverage at a shop in Kolkata, India on July 9, 2024. REUTERS/Sahiba Chawdhary/File Photo

Source: REUTERS

By Jaspreet Kalra

The overseas arm of India's National Payments Corporation of India (NPCI) will build a digital payments system for Trinidad and Tobago, modelled after India's United Payments Interface (UPI), according to a statement on Friday.

The NPCI International Payments Limited (NIPL) 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, a quasi-regulator under the central bank, is a public non-profit organisation that oversees India's retail payment systems, including UPI, the country's most popular mode of digital payments.

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

The NPIL, carved out of the NPCI to promote the adoption of India's payment systems overseas, is also in talks with African and South American countries to help them build payments systems, Reuters reported earlier this week.

This article was produced by Reuters news agency. It has not been edited by Global South World.

By Reuters