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.
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