India’s UPI and Singapore’s PayNow integration launched: What this means, who benefits
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India’s UPI and Singapore’s PayNow integration launched: What this means, who benefits:
India’s real-time retail payment system Unified Payments Interface (UPI), which has allowed for quick digital payments through apps like BharatPe and Paytm, and its equivalent network in Singapore called PayNow, were integrated today to enable faster remittances between the two countries at a competitive rate.
Reserve Bank of India’s Governor Shaktikanta Das and the Monetary Authority of Singapore’s (MAS) Managing Director Ravi Menon launched the new linkage, in the presence of Prime Minister Narendra Modi and Singapore’s Prime Minister Lee Hsien Loong.
Unified Payments Interface (UPI) is India’s mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly, using a Virtual Payment Address (VPA) created by the customer. It eliminates the risk of sharing bank account details by the remitter. UPI supports both Person-to-Person (P2P) and Person-to-Merchant (P2M) payments and it also enables a user to send or receive money.
PayNow is a fast payment system in Singapore. It enables peer-to-peer funds transfer service, available to retail customers through participating banks and Non-Bank Financial Institutions (NFIs) in Singapore. It allows users to send and receive instant funds from one bank or e-wallet account to another in Singapore by using just their mobile number, Singapore National Registration Identity Card (NRIC)/Foreign Identification Number (FIN), or VPA.
Cross-border retail payments are generally less transparent and more expensive than domestic transactions. The UPI-PayNow linkage is a significant milestone in the development of infrastructure for cross-border payments between India and Singapore and closely aligns with the G20’s financial inclusion priorities of driving faster, cheaper and more transparent cross-border payments.
India is chairing the G20 on basis of the rotational membership structure this year. Singapore, although not a G20 member, has been invited to participate in the G20 Summits and its related processes from 2010 to 2011 and from 2013 to 2023.
The project to link both the fast payment systems was initiated in September 2021 to facilitate faster, more efficient and transparent cross-border transactions relating to trade, travel and remittances between the two countries.
The UPI-PayNow linkage will enable users of each of the two fast payment systems to make instant, low-cost fund transfers on a reciprocal basis without a need to get on board the other payment system.
It will also help the Indian diaspora in Singapore, especially migrant workers and students, through the instantaneous and low-cost transfer of money from Singapore to India and vice-versa. Of the total inward remittances to India in 2020-21, the share of Singapore stood at 5.7 per cent, according to the RBI Remittance Survey, 2021.
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Neither Manmohan or Modi have anything directly to do with the UPI. Manmohan preceded UPI's time, and Modi likely doesn't even know how to spell or read.
If you have to give credit to somebody, give credit to the NPCI and whichever bureaucrats took these initiatives. Not everything is about the Prime Minister.
These are all publicity stunts , nothing works in south east asia except visa and master card ....don't fall in trap of UPI and Rupay/JCB cards when travelling outside India ....telling by personal experience .
In Which foreign countries have you tried ruPay cards?
Anybody tried remittance from Singapore?
@abhishek012 just kidding bhai.
You have been an unsung hero. I believe whenever history of rupay will be written, your name will be mentioned with honors.
I am willing to wait 10-15 years to feel the pride when rupay will have global presence.
i hope your movement goes international 👍🏼
Kuch jada nahi ho gaya yeh ? 😀
Aise maine suna hai NPCI, America me QR based payment system lane ki taiyari kar raha hai. Matlab USA k har mall ya shop me QR payment hoga and UPI se bhi pay kar payenge Indians.
USA me bahot se companies hai jo visa/mastercard k dominate ko pasand nahi karte hai. woh log NPCI ka sath de raha hai, USA me QR based payment system lane k liye.
Abhi bahot initial stage me hai, bas baat chit he chal raha hai. Koi MOU sign nahi hua hai.
Recently Mexico me bhi dekha bahot se job vacancy nikla hai, jaha pe Mexico me companies RuPay and UPI accept k liye taiyari kar raha hai, Jisko RuPay and UPI ki knowledge hai, technical assistance usko hire kar rahe hai.
I think they need to bring UPI for better peer to peer payments.
For merchant the tap and pay through ur card is more than enuf and even cards can be saved on phone.
As far as I know the peer transaction is not real time in Canada atleast while when u r using Interac and they really need to bring UPI , wud be much better.
For your kind info - UPI also support through NFC (tap & pay).
Real time payment is the future of payments.
Merchants dnt like to pay 1% to 3% transaction fees.
A2A payment is very popular in some western countries and according to some sources within 3-4 years, A2A payment will gain more market share than card.
Good
Its not even launched we have started labelling
Modi Hai to Mumkin Hai...
For all those haters of Modi, I hate all politicians but when you find someone working something instead of nothing, it is better to choose someone who is doing something instead of nothing and one more thing for all those saying army, npci, RBI all this agencies existed earlier also but why they are working effectively now, you can't expect army and anyone to do anything without supporting them and army existed on 2011 attack also but what did government did nothing but one should acknowledge that this government has courage to show Pakistan and other countries that they can't mess with INDIA so we should choose wisely we want something or nothing there is a clear difference between this and that