Q3 Earnings Alert! Plan early for this week’s stock reports with all key data in 1 placeSee list

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

Published 09/27/2024, 02:59 AM
Updated 09/27/2024, 03:18 AM
© Reuters. 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
TILE
-

By Jaspreet Kalra

MUMBAI (Reuters) - 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 (NASDAQ:TILE) (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.

© Reuters. 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

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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.