Why is the Caribbean adopting India’s UPI? The massive $267 million economic change you didn't see coming

Trinidad and Tobago is also seeking Indian investment in manufacturing, technology, energy and other sectors, while its new UN Security Council seat is set to add another avenue for India-T&T cooperation.

New Delhi: India’s Unified Payments Interface (UPI) is heading to the Caribbean. Trinidad and Tobago is pursuing a real-time payments platform based on the Indian system.

Trinidad and Tobago High Commissioner to India Chandradath Singh said that the country was actively working on the initiative under an agreement between NPCI International Payments Limited (NIPL) and Trinidad and Tobago’s Ministry of Digital Transformation.

The agreement makes the Caribbean nation the first country in the region to adopt a UPI-based payments platform. India’s High Commission in Port of Spain says the rollout is going on.

The agreement was signed in September 2024. It provides for the development of a real-time payments platform modelled on UPI, with support from NIPL on technology and technical expertise. The system is intended to handle person-to-person and person-to-merchant payments and improve access to digital transactions in Trinidad and Tobago.

Singh described the initiative while addressing an event in New Delhi to mark the 50th anniversary of Trinidad and Tobago becoming a republic. He also called for greater trade, investment and technology cooperation between the two countries.

UPI deal strengthen India-T&T ties

The payments project is part of a series of India-Trinidad and Tobago agreements. Singh said Prime Minister Narendra Modi’s recent visit to Trinidad and Tobago resulted in six MoUs and agreements covering areas, including trade, investment, technical cooperation and people-to-people ties.

India and Trinidad and Tobago have had diplomatic relations for 64 years. Their relationship also has a long historical connection through the arrival of Indian indentured workers in Trinidad 181 years ago.

“The level of interaction and collaboration between our friends is strong and mutually beneficial to both of us,” Singh said.

The India-T&T economic relationship has also picked up in recent years. Data from the Indian High Commission shows bilateral trade at $267.73 million in 2025-26. India exported goods worth $149.16 million to Trinidad and Tobago during the year, while imports from the Caribbean nation stood at $118.57 million.

Trinidad and Tobago wants Indian manufacturing expertise

Singh has also called for more business engagement beyond India’s largest cities. He said his tenure would include efforts to build commercial ties with companies in second- and third-tier cities.

“I would like to focus on India’s second- and third-tier cities. Until now, much of our attention has been on metropolitan centres such as Mumbai, Delhi, Kolkata and Hyderabad,” he told ANI.

He said that businesses were moving into smaller cities and rural areas and that Trinidad and Tobago wanted to tap those opportunities.

“The opportunities are incredible, and I would like to capitalise on them,” he said.

He also invited Indian companies to explore joint ventures in Trinidad and Tobago. He said the Caribbean country could use Indian manufacturing capabilities, technology and economies of scale to serve its domestic market and reach other markets.

“Instead of building factories and machinery that we may not be able to afford, we need to tap into India’s resources through joint ventures with Indian companies that have the capabilities and economies of scale to produce for our domestic market and the wider global market,” he said.

The country is seeking investment in energy, manufacturing, agriculture, tourism, biotechnology and creative industries. Trinidad and Tobago is a major natural gas producer.

Singh said average gas production stood at around 3.3 billion standard cubic feet per day over the past five years. He said the energy sector accounts for about 35.7 per cent of GDP and around 78 per cent of exports.

Trinidad and Tobago gets UNSC seat for 2027-28

The two countries are also set for greater diplomatic engagement after Trinidad and Tobago was elected to the UN Security Council for the 2027-28 term.

The country secured 181 votes in the June 2026 UN General Assembly election. It was elected in a single round and will serve as a non-permanent member from January 1, 2027.

Singh thanked India for supporting Trinidad and Tobago’s bid. He said the UNSC term would allow his country to contribute to work on peace, security, development and international cooperation.

Its campaign has included efforts against the illegal trafficking of small arms and light weapons, policies to tackle the trafficking of women and children and the role of artificial intelligence in global security.

Singh also referred to India’s cooperation with Trinidad and Tobago in healthcare and digital transformation. This includes recognition of Indian Pharmacopoeia standards, an agreement for an Indian Chair on Ayurveda at the University of the West Indies, support for laptops for schoolchildren and medical assistance through the Jaipur Foot initiative.

BRICS and South-South cooperation

He also praised India’s 2026 BRICS chairship and the New Delhi summit held on September 12 and 13.

“The scale of the summit, the level of participation and the logistics involved demonstrated that India is serious about connecting with the world and strengthening South-South cooperation,” he said.

“The logistics of the BRICS Summit showed that India is ready, ready to host, ready to set an example and ready to lead,” he added.

India’s 2026 BRICS chairship included more than 400 meetings and programmes across 30 cities, according to the New Delhi Declaration. He said South-South cooperation should involve practical exchanges between countries and people.

The UPI project adds another practical element to that bilateral cooperation. The original 2024 agreement specifically provides for a real-time payments system modelled on UPI.

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