Singapore has fully integrated UPI with its PayNow: Ashwini Vaishnaw
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Singapore has fully integrated UPI with its PayNow: Ashwini Vaishnaw:
Developed countries like Canada, Japan and Mexico have shown interest in the UPI model. In fact, the US Federal Reserve has done an evaluation of UPI.
LUCKNOW: The Monetary Authority of Singapore (MAS) has integrated India's Unified Payment Interface (UPI) with its equivalent network in Singapore, known as PayNow to facilitate seamless cross-border transfers, said minister for electronics and information technology and communications Ashwini Vaishnaw at the G20 conference on Monday.
It's claimed that remittance cost will reduce by 10% now.
"Singapore has completely integrated UPI and other countries are working on an urgent basis to integrate their payment system with UPI. Most important in UPI is trust - the entire payment system is based on privacy protection and the government does not completely own the system. National Payment Corporation of India (NPCI) is a company in which both the government and other stakeholders have share holding."
"Developed countries like Canada, Japan and Mexico have shown interest in the UPI model. In fact, the US Federal Reserve has done an evaluation of UPI," said the minister.
In 2019, vice-president, government affairs and public policy, US and Canada at Google Mark Isakowitz wrote to US Fed to follow India's UPI example and build 'FedNow', he said.
In Q3 2022, UPI clocked over 19.65 billion transactions in volume and Rs 32.5 trillion in terms of value. It recorded about an 88% increase in volume and over 71% increase in value in Q3 2022 as compared to Q3 2021. In September 2022, the UPI ecosystem included 358 banks. After Singapore, similar interoperability will also happen with Dubai (UAE) and Malaysia and a few other countries soon, claimed an official. According to the official, "Apart from the cost barrier for adoption and legal hurdles in UPI, data-sharing regulations between countries are greater than technology challenges."
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Today 1SGD = 61.9 INR.
Direct transfer from a Singapore bank, they are offering it at 61.31. This is very good rate in my opinion. It doesn't specifically mention UPI but it might be using UPI infrastructure on the backend.
If you have any Singapore bank account then login your net banking and check UPI remittance send option available or not.
Anybody know the cheapest way to remit money from Singapore to India?