Singapore Opens up UPI, Bringing Convenience and Savings to the Customer Experience Industry, Boosting Cross-Border Transactions
Pareekshit Suvarna
CX Transformist | CX Management | Loyalty Specialist | Digital Transformist | Ex - CoinDCX, Deltin, Hungama, Vodafone-Aus, Hutchison-Aus
The Singaporean government has opened up the Unified Payments Interface (UPI) for transfers to and from Singapore set to boost cross-border transactions between Singapore and India.
What is UPI?
UPI is a digital payments system developed by the National Payments Corporation of India (NPCI) that allows users to transfer money instantly between bank accounts using their mobile phones.
Benefits for Customer Experience Industry
This move is expected to make cross-border transactions between Singapore and India more convenient and hassle-free. The benefits of UPI will be extended to Singaporean users as well, which is likely to positively impact the Customer Experience industry in several ways.
Convenience and Flexibility
The opening up of UPI for transfers to and from Singapore will offer greater convenience and flexibility to customers. They can now make instant, low-cost fund transfers directly from their bank accounts using just their mobile phone numbers or unique entity numbers.
Reduced Transaction Costs
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The move will benefit businesses and individuals alike, by making cross-border transactions more convenient and reducing transaction costs. This will be particularly beneficial for businesses that have been hit hard by the pandemic and are looking for ways to reduce costs and increase revenue.
Faster and Secure Transactions
UPI offers fast and secure transactions, which is another advantage for the Customer Experience industry. With UPI, customers can complete transactions in real time, providing them with a seamless experience that is critical for maintaining customer loyalty.
Growing Ties Between Singapore and India
The opening up of UPI in Singapore comes at a time when digital payments are gaining increasing traction in the country. According to a recent survey by the Monetary Authority of Singapore (MAS), 79% of Singaporeans use digital payments, up from 67% in 2019. The move also reflects the growing ties between Singapore and India, two countries that have been strengthening their economic and strategic partnerships in recent years. In 2018, India and Singapore signed a landmark agreement to enhance economic cooperation and create new opportunities for trade and investment.
With the opening up of UPI, these ties are set to get even stronger, with the digital payments system acting as a key enabler of cross-border transactions between the two countries. The benefits offered by UPI will not only provide convenience and flexibility to customers but also contribute towards the growth of the Customer Experience industry in Singapore.