Reportedly, many countries have shown interest in the system and RBI is in touch with several countries.
Last week India’s Unified Payments Interface (UPI) and Singapore’s leading payments platform PayNow were integrated. This linkage enabled real-time funds transfer between users of both countries.
According to some media reports, UPI may now extend to Mauritius, Indonesia and the United Arab Emirates.
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Reportedly, many countries have shown interest in the system and RBI is in touch with several countries.
Mehul Mistry, global head, strategy, digital financial services and partnership, Wibmo (A PayU Company), said, “It is a matter of pride that India’s world-class UPI digital payment infrastructure has gone global and will make it easier for Indian users to conduct business abroad. As a result of Singapore’s move, other nations like the UAE, Mauritius, and Indonesia will likely follow suit, enabling seamless real-time financial 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.
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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 as a result of UPI-PayNow linkage.
The UPI-PayNow linkage is expected to allow hassle-free real-time direct transfer of money between UPI and PayNow.
Singapore is among the top countries sending remittances to India, after the US, United Arab Emirates and the UK, according to the RBI data.
With the integration of these two payment systems, the government believes that it would allow residents of both countries to send cross-border remittances more quickly and cheaply.
Additionally, it is expected to benefit the Indian diaspora in Singapore, particularly migrant workers and students, by allowing for instant and low-cost money transfers from Singapore to India and vice versa.
