In a first, India has officially linked its flagship online payment system with that of Singapore for seamless cross-border transactions between the two countries. Now, people in both countries can send money in real time via a QR code or by simply entering the mobile number linked to their bank accounts.
Speaking at the launch event for the integration between India's UPI payment and Singapore's PayNow, Prime Minister Narendra Modi said it was testament to the friendship between the two nations that has stood the test of time.
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The prime minister congratulated the people of India and Singapore for the linkage and hailed a new era of cross-border connectivity. Singapore PM Lee Hsein Loong, Monetary Authority of Singapore's managing director Ravi Menon and RBI governor Shaktikanta Das also attended the virtual launch function.
Loong mentioned that cross-border payments between India and Singapore totaled around $1 billion annually. While this is India's first cross-border payment linkage, it is Singapore's second which is already linked with Malaysia.
"Today, we are taking retail payments connectivity a step forward with the UPI-PayNow linkage," the Singaporean prime minister said.
Under normal circumstances, the scope of such payments is usually limited to a country's boundaries, Modi said. However, following its launch, Modi presented the new UPI-PayNow link as a "gift" to citizens of both countries.
This new facility will provide a low-cost remittance option for people across the two nations. Lauding India's success, PM Modi said that digital infrastructure was the strength of our nation.
"India has been given top priority to create a conducive environment for digital payments," Modi said. "The Digital India Programme has made unprecedented reforms in governance and public service delivery."
India is among the leading nations in the world when it comes to digital payments and UPI is the most preferred mode of payment, Modi added.
First Published: Feb 21, 2023 12:21 PM IST
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