How Digital India and its UPI payment linkage with Singapore?

India’s digital identity a business opportunity for 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.

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 across the country as the primary method to perform any financial transaction. surpassing the number of cash transactions.

The growth of digital payments in India
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 making financial transactions electronic and cashless and spreading digital literacy 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 digital payment in an easy, convenient, quick, and secure manner.

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 in the financial year 2022. The UPI India payments crossed the monthly milestone of 5 billion transactions in March 2022. Options like Bharat Interface for Money-Unified Payments Interface (BHIM-UPI), pre-paid payment instruments (PPIs), Immediate Payment Service (IMPS), and National Electronic Toll Collection (NETC) system have led to substantial growth of the digital India platform and increased the Person-to-Person (P2P) and Person-to-Merchant (P2M) payments.

The pre-existing payment modes such as NEFT, RTGS, debit cards, and credit cards have also picked up their speed in the banking and finance sectors. Such an exponential growth of UPI India gateways has created a robust digital finance ecosystem in India.

Digital India and changing market trends
The digital revolution in India has not only boosted UPI India gateways but also digitized business in various sectors such as e-commerce, fintech, travel, and so 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 way we do business in the International 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, availability of skilled human capital, and increasing technological capabilities have positioned India for higher growth.
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