BHIM UPI goes global, soft launch Today in Singapore, fully live by February 2020

BHIM UPI goes global, QR code-based payments demonstrated at Singapore FinTech Festival Today

This QR code-based system would allow anyone with a BHIM UPI app to scan the Singapore Quick Response Code (SGQR) at NETS terminals in Singapore for payments.

It is targeted to go fully live by February 2020 and cover thousands of terminals in Singapore, after the Reserve Bank of India’s approval.

By February 2020, it is also expected that all RuPay cards, including domestic ones, will be acceptable in Singapore, the High Commission said in a release on Wednesday, currently only RuPay International card accept in singapore.

Note - those who dnt know what is SGQR ? it is similar to Bharat QR code in India.

SGQR is a single QR code that combines multiple e-payment solutions into one. It is intended to simplify QR e-payments in Singapore for both consumers and merchants.

For example here – SGQR code (single QR code to accept multiple e-payment cards/apps etc)