UPI-PayNow: India’s UPI linked to Singapore’s PayNow, know how it benefits the common consumer.
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. 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 the 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 to each other. 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 the 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 the 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.
