Japan is “seriously” evaluating adopting India’s UPI payments system as both governments look at promoting digital cooperation by creating interoperability where the digital payments system could bring ease of cross-border payments. Japan and India aim to boost digital collaboration by creating interoperability through the real-time funds transfer system to ease digital payments.
The potential for Japan to join UPI is significant. It would be the first major country to adopt the system, and it could help to boost digital payments in both countries. It would also be a sign of the growing cooperation between India and Japan in the digital space.
Here are some of the benefits that Japan could gain from joining UPI:
- Increased convenience: UPI is a very convenient way to make payments. Users can make instant payments to each other using their mobile phones, without having to go through a bank or other financial institution.
- Reduced costs: UPI is a low-cost payment system. The transaction fees are much lower than the fees charged by traditional payment methods, such as credit cards and bank transfers.
- Increased security: UPI uses a variety of security measures to protect users’ data. These measures include two-factor authentication and encryption.
- Improved interoperability: UPI is an open platform, which means that it can be used by any bank or financial institution. This could help to improve interoperability between Japan’s payment system and the payment systems of other countries.
Important takeaways for all competitive exams:
- Japan Prime minister: Fumio Kishida;
- Japan Capital: Tokyo;
- Japan Currency: Yen;