Trinidad and Tobago is planning to introduce a financial system like India’s Unified Payments Interface (UPI). The National Payments Corporation of India (NPCI) has made a deal with the Ministry of Digital Transformation (MDT) of Trinidad and Tobago to create a real-time payments platform in the country. This platform will allow people to make mobile bank transactions easily, enabling quick payments between individuals (peer-to-peer or P2P) and businesses (peer-to-merchant or P2M), just like UPI works in India.
By adopting this UPI-like technology, Trinidad and Tobago will make everyday transactions faster and simpler for its people. Users will be able to make quick and secure payments on their phones and other devices, helping more people access financial services.
UPI Expands to Other Countries: Trinidad and Tobago is the latest country to adopt India’s UPI technology. UPI is already being used in seven other countries, including Sri Lanka, Mauritius, Singapore, Bhutan, France, the United Arab Emirates, and Nepal. These partnerships allow Indian travelers to use UPI for easy digital payments when they are abroad.
Record UPI Transactions in India: September 2024
In India, UPI is breaking records. In September 2024, the total amount of money transacted through UPI reached ₹20.64 lakh crore, which is a 31% increase from ₹15.78 lakh crore in September 2023. The number of digital transactions grew by 42%, reaching 1,504 crore transactions in September 2024, up from 1,055 crore the year before. On average, people made 60 crore transactions each day that month, showing how popular and convenient UPI has become.
| Month | No. of Banks live on UPI | Volume (in Mn) | Value (in Cr.) |
|---|---|---|---|
| Sep’24 | 622 | 15,041.75 | 20,63,994.71 |
| Aug-24 | 608 | 14,963.05 | 20,60,735.57 |
| Jul-24 | 605 | 14,435.55 | 20,64,292.40 |
| Jun-24 | 602 | 13,885.14 | 20,07,081.16 |
| May-24 | 598 | 14,035.84 | 20,44,937.05 |
| Apr-24 | 581 | 13,303.99 | 19,64,464.52 |
| Mar-24 | 572 | 13,440.00 | 19,78,353.23 |
| Feb-24 | 560 | 12,102.67 | 18,27,869.35 |
| Jan-24 | 550 | 12,203.02 | 18,41,083.97 |
This ongoing growth in UPI transactions highlights its importance in changing how people make payments in India and other countries. More countries are expected to team up with NPCI soon, making UPI a leading solution for digital payments worldwide.
