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UPI PayNow Linkage will make Cross Border Remittances Easy, Cost-Effective and Real Time
The world is becoming increasingly connected, and cross-border payments are becoming more common. In today’s world, people work and live in different countries, and remittances are an essential part of their lives.
Here are six key facts about the UPI PayNow linkage between India and Singapore:
- The virtual launch of the real-time payment linkage between the Unified Payments Interface (UPI) of India and PayNow of Singapore was participated by Prime Minister Shri Narendra Modi and Prime Minister of Singapore, Mr. Lee Hsien Loong.
- This is the first cross-border Person to Person (P2P) payment facility that has been launched with Singapore.
- The payment linkage between India and Singapore will bring the benefits of digitalisation and FINTECH to the common man through instantaneous and low-cost transfer of money from Singapore to India and vice-versa.
- The Governor of Reserve Bank of India, Shri Shaktikanta Das, and the Managing Director of Monetary Authority of Singapore, Mr. Ravi Menon, made live cross-border transactions to each other using their respective mobile phones.
- Singapore has already enabled acceptance of UPI payments through QR codes at selected merchant outlets in the country.
- The virtual launch was preceded by a phone call between the two Prime Ministers, wherein discussions were held on areas of mutual interest.
The traditional process of transferring money across borders is slow, expensive, and often fraught with difficulties. However, the recent launch of real-time payment linkage between the Unified Payments Interface (UPI) of India and PayNow of Singapore promises to revolutionize cross-border payments.
Governor Shaktikanta Das of the Reserve Bank of India and Mr. Ravi Menon, Managing Director of the Monetary Authority of Singapore made the first cross-border transaction between India and Singapore using their respective mobile phones. This launch has brought a new era of ease, efficiency, and cost-effectiveness to cross-border remittances, which was previously unattainable. The Indian diaspora in Singapore, especially migrant workers and students, will benefit significantly from this initiative.
Cross-border Person to Person (P2P) payment facility has been launched with Singapore as the first country. The cross-border payment linkage will enable instantaneous and low-cost transfer of money from Singapore to India and vice versa. The acceptance of UPI payments through QR codes is already available in selected merchant outlets in Singapore. This is a huge step forward in bringing the benefits of digitalization and FINTECH to the common man.
The virtual launch was preceded by a phone call between the Prime Ministers of India and Singapore, wherein discussions were held on areas of mutual interest. Prime Minister Shri Narendra Modi thanked Prime Minister Lee Hsien Loong for his partnership in taking the India-Singapore relationship forward and looked forward to working with him under India’s G20 Presidency.
The benefits of this new cross-border payment linkage are many. Firstly, the instant transfer of money across borders will make life easier for people who need to send and receive money from overseas. The cost of transferring money will also be significantly reduced, making it affordable for more people. Secondly, the acceptance of UPI payments through QR codes is a huge boost to the adoption of digital payments in Singapore. This will help to bring more people into the digital economy, reducing reliance on cash transactions. Thirdly, the launch of the cross-border payment linkage demonstrates the commitment of the Indian and Singaporean governments to promote closer ties between the two countries.
The UPI PayNow Linkage initiative is expected to have a significant impact on the remittance market. It will be especially beneficial for Indian migrant workers and students in Singapore who can now send money back home at lower costs and in real-time. It is also expected to boost the adoption of digital payments in Singapore, which will help to bring more people into the digital economy.
In conclusion, the UPI PayNow Linkage initiative is a significant milestone in the journey towards making cross-border payments more accessible, affordable, and efficient. The launch of this cross-border payment linkage between India and Singapore is a testament to the commitment of both governments to promote closer ties and bring the benefits of digitalization and FINTECH to the common man.
What is the UPI PayNow Linkage?
The UPI PayNow Linkage is a real-time payment linkage between the Unified Payments Interface (UPI) of India and PayNow of Singapore that enables instantaneous and low-cost transfer of money from Singapore to India and vice versa.
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