PORT OF SPAIN, Trinidad – The Central Bank of Trinidad and Tobago (CBTT) says a “fast payments” arrangement, along the lines of India’s Unified Payments Interface (UPI), is being introduced here in 2025.
In a statement, the CBTT said that while India’s population is 1,000 times that of Trinidad and Tobago, since 2016, India has been on a successful journey to introduce a ‘fast payments’ system to most of its population using UPI.
The CBTT said that over the years, UPI has revolutionised how basic payments are made in this large, populous nation from using mostly cash to using mainly mobile devices.
It said that Trinidad and Tobago currently has a wide range of options for payments for goods and services, but what is missing is a nationwide fast payments system allowing for easy, secure and almost instantaneous transfer of funds using cellphones along the equivalent arrangements in many other countries like Brazil, Kenya and China.
“So, Trinidad and Tobago is collaborating with India to introduce UPI here. The Ministry of Digital Transformation and Central Bank in particular are in discussions with counterparts from India on the mechanics of the UPI arrangement.
“The idea is to take account of India’s learnings from its experience, while tailoring the implementation to our specific country circumstances. At the same time consultations are being held with other countries and international agencies, International Monetary Fund, Inter-American Development Bank, Corporación Andina de Fomento etc. to distill best practices around the world.,” the CBTT said.
It said that a ‘pilot’ is being scheduled for the first half of 2025 to test the system in Trinidad and Tobago and to work out details, hoping that by the end of 2025, the system can be fully functioning.
The CBTT said what when fully operational, using the UPI-based system in Trinidad and Tobago will be very simple and that using the UPI-based system will represent a good additional option, but it will not be mandatory.
“ It may be prudent to keep a small bit of cash for emergency purposes and make use of online transfers, credit/debit cards depending on the circumstances. As with any financial alternative, people will need to get a basic understanding of how it works, how to use it, and what to do in case of problems.
“Similarly, it does require vigilance in tracking transactions to assure that the correct amount was transferred and received. Moreover, like any other digital interaction, one must be prepared to use cybersecurity defenses (password management, care regarding online scams etc,” the CBTT said, adding that a public education programme will be launched to explain the details.
It said as with existing non-cash arrangement such as debit, credit cards or online transfers, UPI will involve extensive collaboration among all the financial institutions involved, allowing for secure, smooth and rapid movements of funds. (CMC)
