RuPay card & UPI in Singapore (Supported banks, fees and other details)

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abhishek012

RuPay card & UPI in Singapore (Supported banks, fees and other details):

William Chang - VP cross border | partnership | product & innovation | fintech at NETS Posted in his Linkedin page -

“Finally, we are launching Indian #rupay and #bhim app acceptance by #NETS merchants . With border gradually openning , NETS is preparing our merchants to welcome the overseas tourists. BHIM apps from #icici, #city union bank, UCO bank, bank of baroda, PSB will be the first few banks to start, and more are coming onboard , rupay card from yes bank , union bank, SBI , bank of India will be the first waves to be accepted . Do check out more NETS cross border partners that are coming up next .”


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FAQs (till 5th January, 2022) 

Who can use RuPay in Singapore? (till 5th January, 2022)


As of today, card holders with RuPay cards issued by the following participating banks have been enabled for cross-border payments.


  1. YES bank
  2. Union Bank of India (UBI)
  3. State Bank of India (SBI)
  4. Bank of India (BOI)
  5. Punjab National Bank (PNB)

Why accept RuPay cards?


Every year, there is an average of 1.5 million Indian tourists visiting Singapore, spending more than SGD2.6 billion in yearly tourism receipts.


Accepting RuPay cards means that your Indian National consumers never have to miss out on purchases due to insufficient cash.


How do I apply for RuPay (and BHIM) acceptance?


For New Merchants


Please complete the Application for NETS Terminals and SGQR Stickers form and submit it via email to [email protected].


For Existing Merchants


Please fill in the RuPay and BHIM Opt-in Form and submit it via email to [email protected].


For merchants with multiple terminals, please note that you will need to indicate which terminals (TID) you wish to set up for RuPay and BHIM acceptance in the form.


What charges apply for RuPay acceptance?


A transaction fee of 1.8% will apply for each RuPay transaction.


What terminal models are supported?


The terminal models, which currently support RuPay transactions, are MOVE 5000 / DESK 5000.


If your terminal model is not supported and you wish to apply, NETS will facilitate a terminal upgrade. The price for monthly subscription can be found here.


How does my customer make payment?


Payment with RuPay card can be made by inserting card into the terminal, and having the customer enter his/her PIN. Daily limits may apply as per each cardholder’s bank policy.


How will my customers know I accept RuPay (and BHIM)?


Customers will be informed to look for the RuPay and BHIM acceptance decal at your store. Please visit our Point-of-Purchase Materials webpage to request for the RuPay and BHIM decal.


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How will my customers view the exchange rate applied on their purchases?


They can refer to their bank statement which will show the transaction amount in INR.


What currency will I receive my funds in?


Payments will be credited into your account in SGD the next day, similar per other NETS transactions.


Who can use BHIM in Singapore? (till 5th January, 2022)


Tourists from India who have downloaded their bank BHIM UPI app can use the app to make payments at selected merchants in Singapore.


Any smart phone with the ability to download apps from the App Store (Apple) or Google Play (Android) will be able to install the BHIM application.


As of today, BHIM apps from the following participating banks have been enabled for cross-border payments:


  1. City Union Bank
  2. UCO Bank
  3. Bank of Baroda
  4. Punjab & Sindh Bank

What are the benefits of accepting BHIM?


Merchants are able to capture the Indian visitors market by offering them a more convenient way to pay while shopping and dining in Singapore.


In addition, by working with NETS, merchants are able to achieve operational efficiency by reducing trips to the bank and minimizing coin-handling costs.


Am I eligible to subscribe for BHIM acceptance?


Merchant with an existing NETS Terminal and/or SGQR sticker or are intending to apply for one are eligible to subscribe for BHIM acceptance.


How do I subscribe for BHIM acceptance?


BHIM acceptance is only available via SGQR sticker or dynamic QR from terminal with NETS.


For New Merchants


Please complete the Application for NETS Terminals and SGQR Stickers form and submit it via email to [email protected].


For Existing Merchants


Please fill in the RuPay and BHIM Opt-in Form and submit it via email to [email protected].


For merchants with multiple terminals, please note that you will need to indicate which terminals (TID) you wish to set up for RuPay and BHIM acceptance in the form.


What are the charges applied for BHIM acceptance ?


1.8% transaction rate is applicable for BHIM acceptance on dynamic NETS QR and static SGQR, in addition to the existing terminal subscription fees.


For existing merchants with NETS issued terminals, you may choose to request for an SGQR sticker that share the same TID as the terminal at no additional monthly subscription charge.


Do note that in the event that you decide to return the terminal, by default, the SGQR sticker will be terminated as well.


To continue accepting payment via SGQR sticker, you will need to reapply again.


Should a separate TID be required for the requested SGQR sticker, the usual fees will apply.


How can consumers make payments using BHIM in Singapore?


Simply get the consumer to launch their BHIM app, select the scan QR function before directing their cameras towards your store’s QR code.


For SQQR sticker, consumers will need to key-in the purchase amount in SGD. The BHIM app will automatically convert the SGD amount to INR. Guide the consumer to check the acknowledgment box and click ‘Pay’ to proceed with payment. The BHIM app will prompt the consumer to key-in their UPI PIN to complete the transaction.


For dynamic NETS QR, the BHIM app will display both the purchase amount in SGD and the converted amount in INR. Guide the consumer to check the acknowledgment box and click ‘Pay’ to proceed with payment. The BHIM app will prompt the consumer to key-in their UPI PIN to complete the transaction.


For complete instruction on payment acceptance and settlement, please refer to merchant acceptance guide.


How do I know if payment is successful?


For SGQR Stickers


Merchant can verify payment by viewing the success notification prompt via your NETSBiz app. Should the transaction be declined, no notification prompt will appear.


If the NETSBiz app does not display a success notification:


  • Check that the merchant has updated to the latest version of the app and reopen the app to view transaction history.
  • Even though the consumer app displays success, the merchant should not render the goods and services. They should advise the consumer to complete the transaction via other means, and initiate the refund process with them directly.

For Dynamic NETS QR


Merchant can verify payment from the receipt printed out by the NETS terminal.


Do consumers get a copy of the receipt after making a transaction?


Yes, for transactions made via SGQR stickers and dynamic NETS QR, consumers can get the receipt via Terminal. In addition, consumers may view the receipt via the ‘Transaction History’ feature in the BHIM app.


How do I view my transaction totals for SGQR transactions?


For transactions via the SGQR sticker, you can view your daily sales totals and your transaction history via the NETSBiz app.


For merchants with dynamic NETS QR terminal, you can view the transactions on MConnect on the next day (T+1).


When will the settlement of funds take place?


For transactions that take place before 10:30pm, NETS will credit the sales proceeds directly into your bank account by the next working day.


What happens if a customer or merchant dispute a transaction?


Consumer Dispute


Consumer will need to contact their issuing bank and provide the supporting documents for the dispute. NETS will contact the merchant to investigate if the claim is valid.


Merchant Dispute


Please call our customer service hotline at 6274 1212 for further assistance. Merchants must request for refund processing within 90 days from the date of the applicable transaction.


Merchants must provide:


  • TID
  • STAN No.
  • Date/Time of Transaction
  • Amount

Our customer resolution team will conduct a thorough investigation, of which their judgement is final.


In the event that NETS approve the refund request, merchants are to follow the instructions from by the NETS customer service personnel.


My customers from India have more BHIM enquiries, whom can they contact?


NETS is in-charge of all merchant related enquiries. For consumer enquiries, they can contact NPCI Call Centre at Phone – 022 4000 9100 or visit https://www.npci.org.in/get-touch

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WHAT IS THE BENEFIT OF USING RUPAY IN SINGAPORE?

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shraaj wrote:

WHAT IS THE BENEFIT OF USING RUPAY IN SINGAPORE?

Currently 1.8% transaction rate. Also direct INR to Singapore Dollar payment.

No need to use our Indian’s foreign reserve (US Dollar).

The Central Bank of Singapore hold our Indian Rupees and will use Indian Rupees to do trade with India.

In future, Indian govt will give some offers on RuPay/UPI transaction in foreign countries. Chinese govt provides a lot of benefits when Chinese citizens use China UnionPay card abroad.

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