India Launched the Ru-Pay card transaction as a part of the digital cash transaction movement in India. Now our government is planning to expand its reach to other Asian-pacific countries to have an economical advantage. Recently, our government launched the Ru-Pay card in Singapore. Now, there are talks between the Indian government and the Philippines government to launch the Ru-Pay card transactions in the Philippines.
Mr. Shambhu Kumaran the Indian Ambassador to the Philippines, said there were talks regarding creating a digital payment ecosystem between India and the Philippines. This ecosystem may cover our UPI and Ru-Pay systems. This hints us that there are serious talks between the two governments on the policies to expand their bilateral relationship economically.
Later in his meeting Mr. Shambhu Kumaran said, India could share its system for DBT(Direct Benefit Transfer) using an identification number to ensure the payments such as pension. This system could help the benefactor to gain his benefits without any corruption or middlemen. He also said that the Philippines is a key partner in the Act East Policy. The Philippines is also the third largest growing economy in Asia. The Philippines may be the second highest economy in 2021.
Former foreign secretary Mr. Kanwal Sibal added that there are many firms such as Mastercard and Visa and there are also many Chinese firms in that region. India’s success in entering the markets in south-east Asia with a sizable Indian population is an indicator that our financial services are coming of age.
