BUSINESS
Residents of both nations would be able to send cross-border remittances more quickly and affordably because of the integration of these two payment systems.
Narendra Modi, the Prime Minister of India, and Lee Hsien Loong, the Prime Minister of Singapore, have officially connected PayNow of Singapore and India’s retail payment system the Unified Payments Interface (UPI) via video conferencing.
Shaktikanta Das, Governor of the Reserve Bank of India, and Ravi Menon, Managing Director of the Monetary Authority of Singapore, have completed a live cross-border financial transfer.
Why PayNow and UPI get linked?
When the system is in place, money transfers can be done using mobile phone numbers from India to Singapore and UPI virtual payment addresses (VPA) from Singapore to India, according to a news release from Singapore. Users will be able to send money instantly and cheaply between Singaporean and Indian bank accounts thanks to the PayNow-UPI connectivity. It was merged today to allow for quicker and more affordable remittances between the two nations.
(Also Read: What is No-cost EMI scheme? Know how it works and if it's beneficial or not)
Modi said, "Linkage of Unified Payments Interface (UPI) and PayNow is a new milestone in India-Singapore relations," PM Modi said, calling UPI “the most preferred payment mechanism” in India as “74 billion transactions amounting to more than ₹126 trillion were done through UPI in 2022.”
“Many experts are estimating that digital wallet transactions are going to soon overtake cash transactions.”
What are the benefits for Indian and Singapore citizens?
Users of the two rapid payment systems will be able to send and receive funds instantly and cheaply thanks to the UPI-PayNow linkage without having to sign up for the other system.
The rapid and inexpensive money transfers from Singapore to India and vice versa will also benefit the Indian diaspora in Singapore, particularly migrant workers and students.
Afghanistan denies permission to Vistara's Frankfurt-bound plane to use airspace after bomb threat
Meet Indian genius, IIT graduate, new CTO of Rs 16734000 crore company, he is Sundar Pichai's...
Mukesh Ambani donated THIS amount following his spiritual visit to...
Not Shah Rukh Khan, but this Khan was first choice for Raees; he rejected it because…
SSC CGL Result 2024: SSC to announce Tier 1 results soon at ssc.gov.in, latest updates here
Meet woman, BTech graduate who was college topper, cracked UPSC CSE in 1st attempt with AIR...
Watch: Mohammed Shami bowls at full tilt in nets after India's 8-wicket defeat in Bengaluru Test
iPhone 15 effectively available for under Rs 50,000 during Flipkart Big Diwali Sale, here’s how…
'I can’t believe': Video of snake swallowing large egg in one go leaves internet stunned, watch
Watch: AbRam wins internet with cutesy reaction to paps’ ‘Shah Rukh Khan sir ko salaam bolna’
J-K terror: Doctor, 5 labourers killed as terrorists open fire at construction site in Ganderbal
Bigg Boss 18: Viral Bhabhi Hema Sharma becomes first evicted contestant of Salman Khan-hosted show
New ITR e-filing portal 3.0 to be launched soon: Check features and other important details
Indian Railway Rules: You won't be able to carry these items during train journey due to...
New Zealand's Suzie Bates surpasses Mithali Raj for massive feat in women’s international cricket
Diwali 2024: Is Deepawali on October 31 or November 1? Know date, rituals, significance and more
Baba Siddique's son Zeeshan dares killers, says, 'they silenced my father, but they forget...'
Flipkart Big Diwali Sale: Massive discount on Moto G85, iPhone 15 Plus and more
CNG prices likely to surge by Rs 4-6, here's everything you need to know
This is world's most expensive condom that is 200 years old, it is made of...
PM Narendra Modi to virtually inaugurate Bagdogra airport terminal worth Rs 1550 crore
Meta AI on WhatsApp to soon serve as your personal assistant, know how it will work
Shocking: People in THIS country love eating crocodile meat, price of reptile's meat per kg is Rs...
Russia shoots down over 100 Ukrainian drones as missile strike on Ukraine injures 17
Delhi pollution hits ‘severe’ levels, AAP govt lists THIS reason as major factor
Elon Musk promises to award $1 million each day to anyone who signs his...
Loud blast in Delhi: Explosion reported outside CRPF school in Rohini, probe underway
‘No clean shave, no love’: Indore women's dating demands sparks discussion, watch viral video
Isha Ambani turns heads in stunning black and white outfit at Mumbai event, it costs...
Big move by Mukesh Ambani as Reliance Industries to revive Campa Cola, plans to disrupt...
'Mom, thank you...': Isha Ambani credits Nita Ambani for her success in touching speech
8th Pay Commission: Minimum salary to be doubled? Big announcement expected on...
Kichcha Sudeep’s mother Saroja Sanjeev passes away at 86 due to…
'The answer lies in the...': Gautam Adani gets candid on why he didn't complete his education
Cultural Shock? Desi singing loudly inside bus in Germany divides opinion, watch viral video
Meet man who worked as waiter, earned Rs 3,000 per month, cracked UPSC exam with AIR...
Noida Master Plan-2041: NCR to get new city, UP government approves 'New Noida', to be readied in…
Understanding Fault Lines: Deep dive into India-Canada diplomatic standoff
Aditya Birla Group's big movement, set to invest Rs 75 crore in THIS Virat Kohli backed brand
Air Pollution: Delhi-NCR air quality turns 'severe', AQI reaches...
70 Bomb Threats In 6 Days: What is the reason behind this surge in hoax warnings?
'I'm sorry...': Throwback to when Ratan Tata fact-checked journalist for a quote attributed to him
Salman Khan gets emotional at Bigg Boss 18 amid death threats: ‘What all I am going through…’
'Grave mistake': Netanyahu warns Iran, Hezbollah after 'assassination' attempt
Mukesh Ambani's next BIG step, Jio Cinema likely to shut down due to...
Meet man, who used to be mechanic, cleared UPSC exam on first attempt, secured AIR 32 to become....
RRB NTPC 2024: Registration window ends today, check easy steps to apply at rrbapply.gov.in
Watch: Little girl lifts huge snake in viral video, parents face backlash for dangerous stunt
Happy Karwa Chauth 2024: WhatsApp wishes, messages and quotes for your loved ones