Digital India and its UPI payment linkage with Singapore

PUNE, India - March 16, 2023 - PRLog -- The growth of digital payments in India

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.

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.

Are India UPI payment systems going global?

India's digital identity in the world presents a clear opportunity for business for many countries. The international unit of the National Payments Corporation of India (NPCI) signed a string of deals with foreign companies and central banks. For instance, its partnership with the  European payment services facilitator Worldline will allow Indian travelers to carry out cashless transactions through UPI across Europe. Another success story of India's digital economy was the adoption of India's interoperable real-time digital payments model by Nepal that bolstered the person-to-person and merchant payment transactions.

India's digital economy: A key growth area for Singapore

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 ecosystem through digital services, applications, platforms, and software, setting up a business in India (https://remunance.com/blog/business-expansion-in-india/) today can 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 added new momentum to the Strategic India-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 market and attain the desired level of inclusive growth in India.