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Digital India and its UPI payment linkage with Singapore

Until a decade ago buying anything without the use of cash was a foreign idea. The growing usage of smartphones, and accessibility to the internet, boosted this revolutionary change and led to a digital transformation across the globe. <br><br>Today, digital payments have become a common proactive worldwide. Every country has taken a 180-degree turn towards cashless transactions from the traditional cash-dependent economy. India quickly embraced this development and has surpassed the number of cash transactions with easy and secure digital payment methods. These digital methods are now accepted acro

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Digital India and its UPI payment linkage with Singapore

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  1. DigitalIndiaanditsUPIpaymentlinkage withSingapore India’s digital identity a business opportunityforSingapore Until a decade ago buying anything without the use of cash was a foreign idea. The growingusageofsmartphones,andaccessibilitytotheinternet,boostedthis revolutionarychange andled to adigital transformation acrossthe globe. Today,digitalpaymentshavebecome acommonproactiveworldwide.Every countryhastaken a180-degreeturntowardscashlesstransactionsfromthe traditional cash-dependent economy. India quickly embraced this development and hassurpassedthenumberofcashtransactionswitheasyandsecuredigital paymentmethods.Thesedigitalmethodsarenowacceptedacrossthecountryas

  2. the primary method to perform any financial transaction. surpassing the number of cashtransactions. ThegrowthofdigitalpaymentsinIndia India’s focus on digitalization is evident from its Digital India program. It promises high-speed Internet, mobile phones, and bank accounts to every citizen, ensuring real-time services from online and mobile platforms. This is in line with the aim of makingfinancialtransactionselectronicandcashlessandspreadingdigitalliteracy in India. Further efforts of the Digital India program boosted the country to achieve the “Faceless, Paperless, Cashless” status and to provide the facility of seamless digitalpayment in an easy,convenient, quick, and securemanner. In fact, a transformation is underway in the fintech and banking sector with the Unified Payments Interface (UPI) processing more than $ 1 trillion dollars payments inthefinancialyear2022.TheUPIIndiapaymentscrossedthemonthlymilestone of 5billiontransactionsinMarch2022.OptionslikeBharatInterfacefor Money-UnifiedPaymentsInterface(BHIM-UPI),pre-paidpaymentinstruments (PPIs), Immediate Payment Service (IMPS), and National Electronic Toll Collection (NETC) system have led to substantial growth of the digital India platform and increasedthePerson-to-Person(P2P)andPerson-to-Merchant(P2M)payments. Thepre-existingpaymentmodessuch as NEFT, RTGS, debit cards, and credit cards have also picked up their speed in the banking and finance sectors. Such an exponentialgrowthofUPI India gateways has created a robust digital finance ecosystemin India. DigitalIndiaandchangingmarkettrends The digital revolution in India has not only boosted UPI India gateways but also digitizedbusinessinvarioussectorssuchase-commerce,fintech,travel,andso on. It has paved way for International business collaborations and led to the growth of the Online Platform Economy (OPE). It has changed the nature of work and the waywe do business in theInternational market. With attractive FDI policies, investment policies, and incentives India has become a choice destination for doing business. Unique strengths like a dynamic business ecosystem,availabilityofskilledhumancapital,andincreasingtechnological capabilitieshave positioned India forhigher growth.

  3. AreIndiaUPIpaymentsystemsgoingglobal? India’s digitalidentityintheworldpresents aclearopportunity for business for manycountries.TheinternationalunitoftheNational Payments Corporation of India (NPCI) signed a string of deals with foreign companies and central banks. For instance, its partnership with theEuropean payment services facilitator Worldline will allow Indian travelers to carry out cashless transactions through UPI across Europe.AnothersuccessstoryofIndia’s digital economy was the adoption of India’s interoperable real-time digital payments model by Nepal that bolstered the person-to-personand merchant paymenttransactions. SingaporealsocapitalizedonthisopportunityandinvestedinIndia’s digital economy.OnFebruary2023,everyonewascaughtupwiththelatestdigital business venture between Singapore and India. India’s Unified Payments Interface (UPI) and Singapore’s PayNow are now officially connected allowing for “real-time payment linkage”. This payment system allows users of both countries especially migrants and workers to make low-cost fund transfers without involving any other paymentsystem. TheUPI-PayNowlinkageis asignificantmilestoneintheIndia-Singapore friendshipandinline with the G20’s financial inclusion priorities of developing quick, affordable, and transparent cross-border payments. India’sdigitaleconomy:AkeygrowthareaforSingapore The transformation of revolutionary digital India business shows the scale on which business expansion is possible. It is evident that with the growth of this digital ecosystemthroughdigitalservices,applications,platforms,andsoftware,setting upa business in India todaycan be a roaring success. Singapore is one of the largest foreign investors and has numerous ventures in the Indian market. Singapore’s growing interest in India’s digital payment landscape addednew momentumto the StrategicIndia-Singapore partnership. Doing business in India is easier than you think. It is no longer a mammoth task but a journey bubbling with opportunities due to globalization, digitization, government support, and the availability of a knowledgeable workforce. It pushed many small and medium-sized enterprises around the world to take advantage of the Indian marketand attain the desired levelof inclusive growth in India.

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