India UPI and Singapore PayNow Linked for Better Connect
In a big boost to digital partnership, India UPI and Singapore PayNow have been linked together.
What do the Prime Ministers have to say?
The Prime Minister of Singapore, Lee Hsien Loong, also said in a post–
PM Narendra Modi also expressed his happiness and how this is a significant step in the “India-Singapore friendship and for our efforts to deepen collaboration in FinTech and innovation.”
What is UPI?
Unified Payments Interface (UPI), developed by National Payments Corporation of India (NPCI) is the most popular and easy payment system. It allows us to transfer funds to another person or merchant instantly.
According to the official website of NPCI, January 2023 saw a total value of 12,98,726.62cr transactions. This number has increased yearly as more people in India have started adapting financial techniques. The penetration of UPI is so good that you will find even a tiny shop in small towns with the digital payment system.
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What is PayNow?
Like UPI in India, PayNow is a payment system popular in Singapore. It allows transferring funds from one bank to another using participating apps.
What does the UPI-PayNow linkage exactly do?
The UPI-PayNow linkage allows for cross-border real time based payments. Just as we use UPI in India to immediately transfer funds to someone, we can now do the same with someone in Singapore. The transfer will be quick, effortless, cheap and with the click of a button.
Why is this an important step?
The UPI- PayNow integration is a massive step for India and Singapore’s diplomatic relationship and friendship.
This fintech development also allows for cheaper and transparent inter- country transfers of remittances. Usually, the inter-border transfers are expensive, and a lot is spent in the bank fees. However, this linkage will allow more savings for the Indian diaspora in Singapore. This will also encourage more Indian companies and workers to visit Singapore and vice versa.
This integration will also set a base for India to establish this structure with other nations further.
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