Since time immemorial, geographical and cultural barriers have been an obstacle to communication and trade between nations. However, in the modern era, globalization has revolutionized the way the world connects and does business. One of the most intriguing facets of this era is the way payments have evolved and become a vehicle for breaking old barriers and opening new horizons.
The recent announcement of the possible integration of digital payment systems UPI in India and Lyra in France is a clear example of how the globalization of payments is changing the way the world interacts. UPI, or Unified Payments Interface, has been a pioneer in simplifying financial transactions in India. Allowing people to make payments and money transfers quickly and securely through their mobile devices. The creation of the UPI is managing to break down the barriers that used to exist in the financial field.
Now, with the addition of Lyra, a leading financial technology company, a whole new world of opportunities is opening up. UPI payments are made directly from one bank account to another, thus becoming an easy, fast and secure method. Instead of installing different apps, UPI brings together multiple bank accounts on one platform. Unlike a credit card, there are no transaction fees. It is an easy person-to-person (P2P) and person-to-merchant (P2M) payment method.
The transnationalization of local payment systems, such as in the case of PIX and UPI, the first purpose is to benefit the citizens of both nations. This means that a businessman in New Delhi could receive payments from a client in Paris in a matter of seconds, without the traditional obstacles that used to exist in international transactions. This level of efficiency and comfort is what makes this innovation so relevant.
Lyra, in its commitment to innovation and the digitization of money, has been driving the development and adoption of contactless technologies. The ability to make secure and fast transactions without user mediation is essential in the world we live in today. In addition to the integration of payment systems and the adoption of contactless technologies, the globalization of payments also manifests itself in the ease with which people can send money internationally.
In short, technological innovation in payments is changing the way the world does business and connects. The integration of payment systems, the adoption of contactless technologies and the simplification of international remittances are just a few examples of how payments are breaking old barriers and opening new horizons. This process not only benefits businesses and individuals, but also fosters collaboration and understanding between nations. As we move forward in this era of globalization, we must be prepared to embrace the opportunities that digital payments bring us and continue to build bridges to a more connected and prosperous world.
Director of Lyra Argentina
Source: Ambito
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