NIPL & Trinidad and Tobago Partners to Develop UPI-like Payments System

Current Context: On September 27, 2024, NPCI International Payments Limited (NIPL) and the Ministry of Digital Transformation of Trinidad and Tobago signed an agreement to develop a UPI-like payments system.

• This collaboration aims to enhance the digital payment infrastructure in Trinidad and Tobago by leveraging India’s Unified Payments Interface (UPI) technology.
• The initiative is expected to facilitate seamless, real-time payments and boost financial inclusion in the region.
• The partnership will involve knowledge sharing, technical support, and capacity building to ensure the successful implementation of the new payments system.
• This move is part of a broader effort to modernize the financial ecosystem and promote digital transactions, making it easier for citizens and businesses to conduct financial activities efficiently and securely.

Question:

1 Which Indian technology will be utilized in the payment system collaboration between NPCI International Payments Limited and Trinidad and Tobago?

• A) Aadhaar
• B) Unified Payments Interface (UPI)
• C) BharatNet
• D) RuPay

Answer: B) This collaboration aims to enhance the digital payment infrastructure in Trinidad and Tobago by leveraging India’s Unified Payments Interface (UPI) technology.