Edited By: Namit Singh Sengar
Last Updated: February 28, 2023, 13:39 IST
(*3*)With the combination of UPI and PayNow, the Centre believes that it could enable residents of each international locations to ship cross-border remittances extra shortly and cheaply.
Reportedly, many international locations have proven curiosity within the system and RBI is in contact with a number of international locations.
Last week India’s Unified Payments Interface (UPI) and Singapore’s main funds platform PayNow have been built-in. This linkage enabled real-time funds switch between customers of each international locations.
According to some media stories, UPI could now lengthen to Mauritius, Indonesia and the United Arab Emirates.
Reportedly, many international locations have proven curiosity within the system and RBI is in contact with a number of international locations.
Mehul Mistry, international head, technique, digital monetary providers and partnership, Wibmo (A PayU Company), stated, “It is a matter of pleasure that India’s world-class UPI digital fee infrastructure has gone international and can make it simpler for Indian customers to conduct enterprise overseas. As a results of Singapore’s transfer, different nations just like the UAE, Mauritius, and Indonesia will probably observe go well with, enabling seamless real-time monetary transfers.”
“It will be possible for the Indian diaspora to scan QR codes across borders and conduct rapid and affordable transactions. This initiative is commendable and will serve as a model for other nations seeking to utilise technological advancements to facilitate smooth cross-border commerce,” Mistry added.
UPI-PayNow Linkage
Indians can now use digital fee methods like Google Pay, PayTM and so on. to ship cash to their associates, colleagues and family members in Singapore because of UPI-PayNow linkage.
The UPI-PayNow linkage is predicted to permit hassle-free real-time direct switch of cash between UPI and PayNow.
Singapore is among the many prime international locations sending remittances to India, after the US, United Arab Emirates and the UK, in line with the RBI information.
With the combination of those two fee methods, the federal government believes that it could enable residents of each international locations to ship cross-border remittances extra shortly and cheaply.
Additionally, it’s anticipated to learn the Indian diaspora in Singapore, significantly migrant staff and college students, by permitting for immediate and low-cost cash transfers from Singapore to India and vice versa.
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