edited by: Namit Singh Sengar
Last Update: February 28, 2023, 13:39 IST
With the integration of UPI and PayNow, the Center believes it will allow residents of both the countries to send cross-border remittances more quickly and cheaply.
Reportedly, several countries have shown interest in the system and RBI is in touch with several countries.
India’s Unified Payments Interface (UPI) and Singapore’s leading payments platform PayNow were integrated last week. This linkage enabled real-time fund transfers between users in both the countries.
According to some media reports, UPI may now be extended to Mauritius, Indonesia and UAE.
Reportedly, several countries have shown interest in the system and RBI is in touch with several countries.
Mehul Mistry, Global Head, Strategy, Digital Financial Services & Partnerships, Wibmo (a PayU Company) said, “It is a matter of pride that India’s world-class UPI digital payments infrastructure has gone global and is being made easy for Indian users. Will make To do business abroad. As a result of Singapore’s move, other countries such as the UAE, Mauritius and Indonesia will follow suit, enabling seamless real-time financial transfers.”
“It will be possible for the Indian diaspora to scan the QR code across borders and make faster and cost-effective transactions. This initiative is commendable and will serve as a model for other countries seeking to harness technological advancements to facilitate cross-border commerce.”
UPI-Penau Linkage
As a result of the UPI-PayNow linkage, Indians can now use digital payment systems like Google Pay, PayTM, etc. to send money to their friends, colleagues and relatives in Singapore.
The UPI-PayNow linkage is expected to allow real-time direct money transfer between UPI and PayNow without any hassles.
According to the Reserve Bank of India data, Singapore is among the top countries sending money to India after the US, the United Arab Emirates and the United Kingdom.
With the integration of these two payment systems, the government believes it will allow residents of both countries to send cross-border remittances more quickly and cheaply.
Additionally, by allowing instant and low-cost money transfers from Singapore to Singapore, it is expected to benefit the Indian diaspora in Singapore, especially migrant workers and students. India and vice versa.
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