India's UPI is gaining popularity around the world because of its fast payment speed and ease of use. Cross-border connectivity between Singapore's PayNow and India's Unified Payments Interface (UPI) was launched on Tuesday. Prime Minister of India Narendra Modi and PM Hsin Loong of Singapore witnessed the launch through video conferencing on the occasion.
What did PM Modi say?
The facility was launched by Shaktikanta Das, Governor of the Reserve Bank of India (RBI), and Ravi Menon, Managing Director of the Monetary Authority of Singapore (MAS). During this, Prime Minister Narendra Modi said that the launch of UPI-Penau linkage (between India and Singapore) is a gift for the citizens of both countries, which they were eagerly waiting for. I congratulate the people of both India and Singapore for this.
He further added, "In today's world, technology connects us in many ways. Fintech is a sector that connects people. Generally, it is confined within the boundaries of a country. But today's launch opens a new chapter in cross-border fintech connectivity. Starting today, people in Singapore and India will be able to transfer money from their mobile phones just like they used to do in their respective countries."
Regarding the closeness of both countries, he said that the friendship between India and Singapore is very old and has always stood the test of time. It is the power of India's digital infrastructure that during Kovid we were able to transfer money directly to the bank accounts of crores of people. Five years ago I had said in Singapore itself that – Fintech is a big celebration of innovation and faith in young energy.
Digital transactions will be easy
The integration of payment systems between India and Singapore will benefit people living in both countries. They will be able to send cross-border remittances faster and at cheaper rates. Indians living in Singapore will benefit the most, especially migrant workers and students. Migrant workers will now be able to send money to India faster and at cheaper rates through UPI and PayNow. At the same time, Indian students studying in Singapore will be able to transfer money to their parents in Singapore through UPI.
Till now NRIs were unable to make payments through UPI as this facility was available only on Indian SIM card phones. But now NRIs or Indians living abroad will be able to make payments through UPI easily by linking their NRE or NRO account with International SIM. National Payments Corporation of India (NPCI) is engaged in promoting UPI transactions in other countries so that digital payments can be expanded.
This is how UPI is spreading in the world
Bhutan: NPCI International Payment Limited (NIPL), the international arm of NPCI here, and the Royal Monetary Authority of Bhutan has agreed to implement a BHIM-UPI-based payment system.
Nepal: First country to implement UPI platform.
Malaysia: Partnership with Mercantrade Asia. Getting money directly in bank accounts.
Oman: Rupaycard and UPI platform in use.
UAE: Agreement with Lulu Financing Holding, Mashreq Bank, and Network International.
France: Agreement with Lyra Network. Tourists pay through UPI.
UK: Tie-up with Terra-Pay and Pay-Expert.
Tie-up with International Liquid Group and European Company Worldline: UPI promotion in Singapore, Malaysia, Thailand, Philippines, Vietnam, Cambodia, Hong Kong, Taiwan, South Korea, Japan, Netherlands, Belgium, Luxembourg, and Switzerland.
No Confidence Motion: NDA's ally turned opponent! Mizo National Front will support the opposition's no-confidence motion
The ruling Mizo National Front (MNF), an ally of the North East Democratic Alliance (NEDA) in Mizoram, will support the no-confidence motion against the Modi government at the Centre. This information
'Help us...', after messing with India, Pakistan started begging, now it appeals to the World Bank to give more loans
Pakistan is nervous after India attacked Pakistan. Pakistan's condition is so bad that it is now appealing for loans from international partners, including the World Bank. A post has been made on X by
CM Yogi In Gorakhpur: CM Yogi Adityanath did Rudrabhishek in Gorakhnath temple, planted Harishankari saplings
Chief Minister Yogi Adityanath, who came to Gorakhpur on a four-day tour, wished for public welfare by performing Rudrabhishek at Gorakhnath temple on Monday morning. Along with this, on the occasion
Transfer of non-Hindus, ban on political speeches, crowd control by AI..., Tirupati Temple Board took many more big decisions
The first meeting of Tirumala Tirupati Devasthanam (TTD) was concluded recently. In this meeting, many important decisions were taken under the leadership of its new chairman BR Naidu. It was decided
PM Modi: Prime Minister Narendra Modi is now 'Bhaijaan', where and why did Syed Shahnawaz Hussain give him this nickname?
Former Union Minister Shahnawaz Hussain lashed out at Chief Minister Nitish Kumar. He said that Nitish Kumar had dreamed of becoming the Prime Minister in the India Alliance, and after that, he also
Russia: Russia's big attack, said- Western countries destabilized the activities of G20, used against Russia
Russia on Sunday alleged that the G-20 finance ministers' meeting in Bengaluru ended without any shared government information because of the West's collectively confrontational approach to Moscow
IPL 2025 Auction: Father had sold his land to make Vaibhav a cricketer, now the son has made him proud in the auction
Vaibhav Suryavanshi was 10 years old at the time. His father, Sanjeev, had decided that he wanted to make his son a cricketer. To fulfill this dream, he sold his land, but he did not know that within
Kargil Vijay Diwas: Why is Kargil Vijay Diwas celebrated only on 26 July? know history
The border conflict between India and Pakistan has been ongoing since partition. There is a firing on the LoC every day. The military forces of both countries keep fighting for Kashmir. This conflict
IND vs AUS: Australian team announced for the last two Tests against India, McSweeney out, these 4 players replaced
The Australian cricket team has made several changes to its team for the fourth and fifth Tests against India to be held in Melbourne and Sydney. These include the name of opener Nathan McSweeney, who
Not only Sheesh Mahal and liquor scam, but the CAG report also mentions the mohalla clinic; the political uproar in Delhi
On Tuesday, 14 CAG reports of the tenure of the AAP government will be presented in the assembly. One of these is about the renovation of the Chief Minister's residence located at 6-Flag Staff Road.
