Guyana eyes year-end roll out of India-inspired instant digital payment system

The Guyana Government is looking to roll out a new digital online payment system by the end of this year that will allow Guyanese to conduct financial transactions instantly using an app on their phones instead of cash or cards.

“We want to be able to make instant payments,” Senior Minister with responsibility for Finance Dr Ashni Singh said during a recent interview with this publication.

He further added, “We want to be able to have everyone walking around with their mobile phones and an app that allows them to pay at any merchant or transfer money to anybody using just the QR code. That’s what we want to get to… You walk into a shop, you go into the market, you go into a restaurant, or you’re interacting with somebody and you want to transfer some money to them… You must be able to transfer money instantly so you no longer have to walk around with cash. You no longer have to walk around with a debit card. You no longer have to walk around with a credit card. Your phone does that for you.”

In order to roll out this new digital payment system, the Guyana Government is working with India to replicate its highly successful Unified Payment Interface (UPI).

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.

Now, Guyanese officials are working with Indian experts to introduce a model that will mirror the UPI digital system. “That instant processing of payments to persons, to merchants, etc. has completely revolutionised the financial services sector in India and the consumer experience in India. And so, we are working with a number of counterparts and colleagues in India to deploy a similar solution to the UPI in Guyana,” Dr Singh stated.

According to the Finance Minister, efforts are already underway to roll out this new real-time payment system by the end of this year – a mandate from President Dr Irfaan Ali.

“We’re pushing aggressively. The President’s instructions are to get it done by the end of this year… And we’re working with the Ministry of Finance, the Central Bank, the commercial banks, the other financial service providers, and the private sector working together to get to the point where we’re able… to transfer money, to be able to make payments, to be able to receive payments with the convenience of only your phone,” he emphasised.

This collaboration with India to introduce the digital payment system stems from a 2024 Memorandum of Understanding (MoU) that was signed between the two countries during the visit of Indian Prime Minister Narendra Modi to Georgetown.

The November 20, 2024, pact caters to India, sharing successful digital solutions implemented at a population scale for digital transformation as well as for enabling the deployment of the UPI-like real-time payment system in Guyana.

Meanwhile, Dr Singh explained that this initiative is part of the Ali-led Administration’s push for enhanced access to financial services and the promotion of overall financial inclusion for all Guyanese.

As a result, the Finance Ministry and the Bank of Guyana have worked with local financial institutions to ease requirements and introduce online account applications. In fact, the Government has been urging citizens to open a commercial bank account to streamline the distribution of social cash transfers, such as the $100,000 national cash grant, which saw some 400,000 persons receiving the money via the bank.

Only earlier this week, President Ali disclosed during a press conference that 59,951 new bank accounts were opened between the period of April and August 2026. He added that from October 2024 to August 2026, there are now 179,758 accounts opened.

The Head of State was at the time, highlighting the increased spending power among Guyanese, pointing to the fact that credit card transactions have amounted to approximately US$356 million so far this year.

“Just on foreign currency, I will give you an example. In 2024, US$140 million in credit card settlements in Guyana… In 2025, to settle credit cards alone, guess what it went to, US$430 million, an increase of 207 per cent. Isn’t that a sign of a changing [spending] pattern? Isn’t that a sign of a more complex financial system of Guyanese buying more, using credit cards more?” the Guyanese Leader expressed at Monday’s press briefing.

“And so far in 2026, already, US$356 million… That is the type of growth and difference we’re talking about. That’s just one indicator of changing patterns,” he declared.

Looking at spending pattern projections for the remainder of the year, President Ali further revealed that “from September 10 to 30, we have about a projected demand of US$354 million. October US$385 million. November US$400 million. December US$436 million. That’s US$1.575 billion of projected demand by the end of the year.”