INSUBCONTINENT EXCLUSIVE:
MUMBAI: India and Singapore on Tuesday linked the Unified Payment Interface (UPI) network with Singapores PayNow, enabling immediate fund
transfers in between users in both nations, at a much lower expense than going through banks
The launch of UPI-Pay Now Link today is a much-awaited present to the residents of both countries
With this center, a more affordable and real-time alternative for remittances in between the 2 countries would be possible
This will especially benefit our overseas siblings and siblings, specialists, trainees and their families, PM Narendra Modi said at the
launch occasion with his Singaporean counterpart Lee Hsien Loong and central lenders from both countries.The link will make it possible for
Indians to move approximately Rs 60,000 a day (SGD 1,000) with comparable system in the pipeline for transactions with other countries
Cross-border retail payments and remittances between Singapore and India are approximated at over $1 billion annually.Digital transactions
to quickly surpass money in India: PM ModiRBI deputy guv T Rabi Sankar said that connecting quick payment networks throughout borders was
part of the G20 program to bring down costs of cross-border remittances
He stated that currently, the transfers take place through banks, but attract a specific expense and take time due to the fact that India is
a country with capital controls
Such linkages, he added, would make transfers more effective and cheaper.With the link in location, cash in savings account or e-wallets can
be moved using UPI-ID, mobile number, or Virtual Payment Address (VPA)The government has been pressing UPI as the tool for digital
transactions and Modi on Tuesday stated 2022 saw 7,400 crore transactions worth Rs 125 lakh crore
This demonstrates how easily and safely Indias UPI system deals with great deals, he stated, while including that some experts were
anticipating that volumes might go beyond cash transactions in the coming years.He likewise said that the Digital India campaign has
actually provided a platform for unmatched reforms in governance and civil service delivery which has increased ease of living and ease of
He stated that Digital India has actually improved connection and monetary inclusion at extraordinary speed
He said that so far, the advancements in fintech were restricted to within the countrys borders, but todays launch would unlock for
cross-border connectivity.Launch of UPI-PayNow started a brand-new chapter of cross-border Fintech connection: PM ModiModi remembered his
statement five years earlier, stating that Singapore was an event of fintech development and faith in youth
Today, worldwide of fintech, countless start-ups in India are proving their nerve
Due to this energy, today India is among the leading nations worldwide in regards to real-time digital deals, he said.The Singapore PM
stated the idea of connecting PayNow and UPI was very first conceived in 2018, when Modi visited Singapore
As we progressively add more users and utilize cases, the PayNow-UPI linkage will grow in energy, and contribute more to facilitating our
trade and our people-to-people links, Lee said.WatchPM Modi - & Singapores Lee Hsien Loong launch cross-border linkage between UPI, PayNow
