In an era defined by global connectivity, the need for seamless financial access while traveling has become more critical than ever. Enter UPI’s International Payment Innovation, a ground-breaking development that transcends borders and simplifies the financial landscape for customers on the move. Let us delve into the nuances of UPI’s international prowess, uncovering lesser-known facets and exploring how it is redefining financial access for individuals and businesses traveling abroad.
Humble Beginnings
Born in February 2023, the UPI-PayNow linkage is revolutionizing cross-border payments between India and Singapore. This collaborative effort enables individuals to send and receive money instantly, securely, and affordably using their familiar UPI and PayNow mobile apps. In addition to International Acceptance through interoperable QR based transactions, UPI today facilitates cross-border remittances (Inward and Outward). Gone are the days of lengthy bank transfers and hefty fees – simply enter the recipient’s mobile number or Virtual Payment Address (VPA) and the funds zip across borders seamlessly thus helping you ditch your wallet in some countries and pay for things using your phone instead. Thanks to new partnerships, you will be able to use UPI apps to scan QR codes and pay directly when shopping in Singapore, UAE, Mauritius, Nepal, and Bhutan. No more fiddling with foreign currency or worrying about exchange rates. Just scan, pay, and enjoy your travel!
Transforming Lives and Businesses Across Borders
Enabling Financial Inclusion
Traditionally, individuals and small businesses outside large financial centers faced hurdles in accessing cross-border payment services. Cross-border solutions often require complex documentation and minimum transaction amounts, besides high costs, excluding many from participating in the global financial ecosystem. By simplifying processes and lowering entry barriers, cross-border payments promote financial inclusion, allowing individuals and businesses in underserved regions to connect with the global marketplace.
Accelerating Market Expansion
For businesses, the ability to accept and make cross-border payments opens doors to new markets and opportunities. Imagine a small handicraft seller in India reaching customers in Europe or a tech startup in Singapore collaborating with developers across the globe – this becomes possible with seamless cross-border payment solutions. This not only fuels international trade but also fosters cultural exchange and collaboration, leading to a more interconnected and vibrant global economy.
No more Hefty Fees
Traditional bank transfers often come with hefty hidden fees, exchange rate markups, and correspondent charges. Cross-border payment solutions like UPI-PayNow significantly reduce these costs by leveraging innovative technologies and partnerships. This means more money reaches its intended recipient, empowering individuals and businesses to maximize their financial resources.
Blink and it’s done
Gone are the days of waiting days or even weeks for international transfers. Cross-border payment solutions enable real-time or near-instant transactions, eliminating delays and frustrations. Imagine sending funds to family abroad for an emergency or paying for international services within seconds – that’s the power of speed and convenience offered by these solutions.
UPI & Mindgate
UPI’s International Payment Innovation continues to redefine financial access for customers traveling abroad. As we navigate this era of
seamless cross-border payments, it’s essential to align with a trusted partner who can amplify the advantages of UPI’s global expansion.
This is where Mindgate Solutions steps in. As a leading provider of cutting-edge digital payment solutions, Mindgate has been at the forefront of revolutionizing the way businesses navigate the complexities of global financial transactions. We are proud to enable more than 50% of UPI transactions in India.
Besides enabling International QR interoperability, Mindgate has been enabling Banks with cross-border remittance transactions for Foreign Inward and Outward Remittance engine on UPI. This includes enabling bank apps to receive and send money and also enabling the Bank’s PSP partners through SDK to extend this feature to the customers using the PSP apps.
Connect with Mindgate Solutions today to explore how our innovative payment solutions can help you. Let Mindgate be your guide in navigating the intricacies of financial transactions, bringing you a step closer to a future where financial boundaries are a thing of the past.