MSMEs require a robust digital infrastructure for Cross-Border payments

With the impact of Covid-19 pandemic on the economies across the world, the adoption of digital payments among MSMEs in India has increased a great deal As consumers are still apprehensive towards the usage of cash, digital modes gained momentum. With digital payments, these organisations have been able to ensure timely payments, optimisation of resources, and streamlining of operations.

As the centre puts great emphasis on domestic manufacturing to boost exports, the orderly functioning of the international trade Enhancing cross-border payments becomes an important issue to look after in order to counter fragmentation and to facilitate continued financial system.

According to IMF Chief, Kristalina Georgievae, “We have a chance to improve cross-border payments with huge benefits, especially for many of the world’s poorest people. And there is a pressing need to do so.”

In order to impart the digital payment benefits to MSME government is working with regulatory bodies such as the RBI & The National Payments Corporation of India (NPCI) yet many MSMEs have not digitised for want of resources,awareness and the right solutions or incentives. To address this, many banks and payment players are taking initiative to educate merchants.

Seamless and secured transactions are the need of the hour in the virtual world of doing business and it demands a reliable interface which can bring more merchants under the purview of the digital ecosystem

Cover image by Tourismdentalindia