Singapore’s PayNow linked with Indian UPI
Prime Minister Narendra Modi and Singapore PM Lee Hsien Loong have launched the cross-border connectivity between India’s Unified Payments Interface (UPI) and Singapore’s PayNow. The PM of both the countries launched it through video conferencing. On this occasion, PM Modi said, “Today UPI has become the most preferred payment system in India.”
Prime Minister Narendra Modi said that the integration of Unified Payments Interface (UPI) and Singapore’s ‘Pay Now’ is a new milestone for India-Singapore relations.
Launching this service, PM Modi said that the UPI-PayNow linkage is a gift for the citizens of both the countries, which they have been waiting for a long time. I congratulate both India and Singapore for this. Many experts predict that digital wallet transactions will soon overtake cash transactions.
Cross border fintech connectivity will benefit
Reserve Bank of India Governor Shaktikanta Das and Managing Director of the Monetary Authority of Singapore Ravi Menon launched the facility. PM Modi said, “Today’s launch has started a new chapter of ‘cross border fintech connectivity’. From today onwards, people in Singapore and India will be able to transfer money from their mobile phones in the same way as they do in their respective countries.
He said that this facility will especially benefit NRIs, students, professionals and their families. The Prime Minister said that in the year 2022, 74 billion transactions involving more than Rs 12,6,000 billion have taken place through UPI. He said, “Such a large number of transactions through UPI shows that this indigenously designed payment system is very secure.”
