India, Singapore link their respective online payment systems, Unified Payments Interface (UPI) and Paynow
Prime Minister Modi said, “The linking of fintech services between India and Singapore will take the technology to a new level. It will provide a low-cost real-time platform for remittance transfers to people in both countries.”
In a major push to India’s successful digital revolution, India and Singapore linked their respective online payment systems, Unified Payments Interface (UPI) and Paynow.
Prime Minister Narendra Modi and his Singaporean counterpart Lee Hsien Loong virtually attended the launch program.
Prime Minister Modi said, “The linking of fintech services between India and Singapore will take the technology to a new level. It will provide a low-cost real-time platform for remittance transfers to people in both countries.”
Shri Shaktikanta Das, Governor of the Reserve Bank of India and Mr Ravi Menon, Managing Director, Monetary Authority of Singapore made live cross-border transactions with each other using their respective mobile phones.
With the linkage of the two payment systems, residents will now access quicker and cost-efficient transfer of cross-border remittances. Friends, coworkers, students, relatives, and migrants from both countries will be able to send money in real-time via QR-code based or simply by entering mobile numbers linked to their bank accounts.
“It will also help the Indian diaspora in Singapore, especially migrant workers and students through instantaneous and low-cost transfer of money from Singapore to India and vice-versa,” said the Prime Minister’s Office in a release.
Under Prime Minister Modi-led government, India’s digital payment landscape has been revolutionised.
Previously, many countries including France, Bhutan, UAE, Oman, Maldives and others have adopted the UPI architecture. The Indian government has inked Memoranda of Understanding (MoUs) with over 13 countries to enable UPI payments in their countries.
Singapore is the first country with which cross border Person to Person (P2P) payment facility has been launched. Such global linkages will help India build a huge acceptance network, allowing the Indian diaspora instantaneous and hassle-free transfer of money around the world.
