PORT OF SPAIN, Trinidad, CMC—The Central Bank of Trinidad and Tobago (CBTT) says it will introduce a ‘fast payments’ arrangement in 2025, similar to India’s Unified Payments Interface (UPI).
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 using UPI to most of its population.
The CBTT said that over the years, UPI has revolutionized how basic payments are made in this large, populous nation, moving from mostly cash to mainly mobile devices.
Trinidad and Tobago currently has a wide range of options for payments for goods and services, but what is missing is a nationwide fast payment system allowing for easy, secure, and almost instantaneous transfer of funds using cellphones, similar to the equivalent arrangements in many other countries like Brazil, Kenya, and China.
“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 worldwide,” 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 work out details. The hope is that by the end of 2025, the system will be fully functioning.
The CBTT said that when fully operational, using the UPI-based system in Trinidad and Tobago will be very simple and that it will represent a good additional option, but it will not be mandatory.
“ It may be prudent to keep a tiny bit of cash for emergencies and use online transfers and credit/debit cards, depending on the circumstances. As with any financial alternative, people will need to understand how it works, how to use it, and what to do in case of problems.
“Similarly, it does require vigilance in tracking transactions to ensure 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,” the CBTT said, adding that a public education program will be launched to explain the details.
It said that, like existing non-cash arrangements 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.
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