Edited By: Mohammad Haris
Last Updated: February 21, 2023, 13:11 IST
Prime Minister Narendra Modi and his Singapore counterpart Lee Hsien Loong on Tuesday witnessed the launch of cross-border connectivity between UPI and PayNow via video conferencing.
PM Narendra Modi says the UPI-PayNow linkage is a new milestone in India-Singapore relations
UPI-PayNow Linkage: Launching the cross-border connectivity between India’s Unified Payments Interface (UPI) and Singapore’s PayNow on Tuesday, Prime Minister Narendra Modi said the linkage is a new milestone in India-Singapore relations. The linkage will allow participating banks and non-banking financial companies in both the countries with a swift and cost-effective way to transfer fund directly into each other’s bank accounts or e-wallets by using UPI ID, mobile phone number or virtual payment address.
Also Read: Linkage of India’s UPI, Singapore’s PayNow: Here’s All You Need To Know
Prime Minister Narendra Modi and his Singapore counterpart Lee Hsien Loong witnessed the launch of cross-border connectivity between UPI and PayNow via video conferencing. The launch was done by RBI Governor Shaktikanta and Monetary Authority of Singapore (MAS) Managing Director Ravi Menon.
Modi expressed hope that digital transactions will soon surpass cash as UPI is increasingly becoming the most preferred payment mechanism in the country. He also said said about 74 billion transactions amounting to more than Rs 126 trillion, which is about 2 trillion Singapore dollar, was done through UPI in 2022.
“Many experts are estimating that very soon India’s digital wallet transactions are going to overtake cash transactions,” Modi said. A large number of transactions via UPI demonstrate that this indigenously designed payment system is very secure, he said.
The linkage will also help the Indian diaspora in Singapore, especially migrant workers and students, through instantaneous and low-cost transfer of money from Singapore to India and vice-versa.
India has emerged as one of the fastest-growing ecosystems for fintech innovation. The country accounts for 40 per cent of the total digital payments globally, which is primarily led by UPI.
A key emphasis of the Prime Minister has been on ensuring that the benefits of UPI are not limited to India only but extend to other countries as well.
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