Published By: .jpeg "How will the UPI-PayNow linkage benefit the desi digital payment players")
The linkage between UPI (Unified Payments Interface) and PayNow, the digital payments system in Singapore, can have several benefits for desi digital payment players:
Increased International Reach:
With the linkage, Indian users will be able to use their UPI IDs to make payments to Singapore-based merchants who accept PayNow. This will expand the reach of Indian digital payment players to international markets, enabling them to tap into the growing demand for digital payments globally.
Faster and More Efficient Cross-Border Transactions:
The linkage will allow for faster and more efficient cross-border transactions, as users will be able to transfer funds directly from their bank accounts using their UPI IDs. This will reduce the need for intermediaries and result in faster settlement times and lower transaction costs.
Improved User Experience:
The integration of UPI and PayNow will provide a seamless user experience for customers who can use their UPI IDs to make payments both domestically and internationally, without the need to register for separate payment services.
Enhanced Competition:
The linkage will intensify competition among digital payment players, as they strive to improve their offerings to attract customers in both domestic and international markets. This could result in the development of new features and services that could benefit customers.
Facilitating Trade and Investments:
The linkage will facilitate trade and investment between India and Singapore by enabling businesses to make cross-border payments easily and efficiently. This will help to strengthen economic ties between the two countries and create new business opportunities for digital payment players.
Overall, the UPI-PayNow linkage can provide significant benefits for desi digital payment players, enabling them to expand their reach, improve efficiency, and enhance their offerings to customers.
