Guyana, India seal 3 deals to boost digital payments, small businesses

… as Guyana targets year-end rollout of UPI-style national payment system

The already strong bilateral cooperation between Guyana and India has been further fortified as the two countries commit to working on a number of areas, including the rollout of a national online payment system, community development projects and support for local Micro and Small Enterprises (MSEs).
President Dr Irfaan Ali and India’s Minister of External Affairs, Dr Subrahmanyam Jaishankar, recently signed three cooperation agreements in key areas of development.

Among the agreements is a Memorandum of Understanding regarding Indian Grant Assistance for the Implementation of Quick Impact Projects (QIPs), a Memorandum of Agreement on Supply and Installation of Micro and Small Enterprises (MSEs) Manufacturing Projects and an Agreement on Cooperation in the Field of Digital Public Infrastructure and the Functioning of a Unified Payments Interface (UPI)-like system in Guyana.
The engagement, which was held on Wednesday on the sidelines of the Commonwealth Heads of Government Meeting (CHOGM) in Antigua and Barbuda, also included a comprehensive review of India-Guyana bilateral relations, which was established some 60 years ago.
Additionally, the two leaders further discussed ways to further strengthen cooperation in areas of mutual interest.
In remarks following the signing of the cooperation agreement, Minister Jaishankar indicated some important decisions were taken during the discussions, as he noted that the bilateral relationship between Guyana and India has been significantly strengthened in recent years.
“I want to say, Mr President, that during your tenure, our relationship has really seen tremendous progress on every front, and I think today’s meeting and these agreements are just one more step in that regard,” the Indian Minister stated.
He went on to add that the signing of these agreements builds on the commitments made during the November 2024 visit of Indian Prime Minister Narendra Modi to Guyana.
“These are delivering on the commitment that Prime Minister Modi made when he had come to Guyana, when we’d had this meeting with the CARICOM. And that meeting and his discussion with you, I think, has really changed the level, the intensity of our engagement, not just with Guyana, but with the region,” Jaishankar said.

Online payments by year-end
Meanwhile, President Ali welcomed India’s continued support towards Guyana’s development, especially in the area of digital payments.
Over the past few years, the Guyana Government has working with India to replicate its highly successful Unified Payment Interface (UPI) here, which will allow Guyanese to conduct financial transactions instantly using an app on their phones instead of cash or cards.
According to the Guyanese Leader, “In order for any country to be competitive today, we have to develop a payment system, and we are very happy that India is supporting us in building out this national payment system that is of international standard. It is one of the most modern payment system, one of the most highly integrated payment systems. It will reduce the cost of doing business, improve our competitiveness, enhance financial security, and create greater transparency in the financial system.”
With the Government targeting a rollout of this national online payment system by the end of this year, India has deployed a full technical team to support these efforts.

“We already have more than 20 persons who are going to India to work in the UPI environment, in your national payment environment, so they get on the job training,” the Head of State noted.
Developed by India’s quasi-Governmental National Payments Corporation of India (NPCI) about a decade ago, UPI allows customers to make instant payments via mobile applications. This digital payment system has transformed the financial system in India and redefined global financial technology.
In fact, international reports indicate that with this UPI system, India currently accounts for nearly 48 per cent of all real-time digital transactions globally.
When it comes to the other two cooperation agreements, President Ali placed significant emphasis on the support that MSEs in Guyana will receive, thus giving them the capacity to develop local employment.
“Supporting SMEs is something that is not only important for Guyana but with India, a leader in this area. You have developed the most SMEs globally. You have been able to build a middle class that is built on entrepreneurship. And to have that support and to have that collaboration [will augur well for Guyanese small businesses],” he noted.
In fact, the President outlined that initiatives such as the Indian Technical and Economic Cooperation (ITEC) have seen scores of Guyanese benefitting from technical training for decades – something that will continue through these new cooperation agreements.

Source: Guyana Times