PM Narendra Modi and Prime Minister of Singapore Lee Hsien Loong participate in the Virtual Launch of UPI-PayNow
Linkage between India and Singapore
UPI PayNow Linkage will make Cross Border Remittances Easy, Cost-Effective and Real Time
Governor, RBI and MD, MAS make the first cross-border transaction between India and Singapore
Shri Shaktikanta Das, Governor of Reserve Bank of India and Mr. Ravi Menon, Managing Director, Monetary Authority of Singapore made live cross-border transactions to each other using their respective mobile phones.
Singapore is the first country with which cross border Person to Person (P2P) payment facility has been launched. This will help the Indian diaspora in Singapore, especially migrant workers/students and bring the benefits of digitalisation and FINTECH to the common man through instantaneous and low-cost transfer of money from Singapore to India and vice-versa. Acceptance of UPI payments through QR codes is already available in selected merchant outlets in Singapore.
The virtual launch was preceded by a phone call between the two Prime Ministers, wherein discussions were held on areas of mutual interest. Prime Minister thanked Prime Minister Lee for his partnership in taking the India-Singapore relationship forward and looked forward to working with him under India’s G20 Presidency.
Akash Sinha, CEO & Co-Founder, Cashfree Payments, said on this launch, "The initiative of linkage between India’s Unified Payments Interface (UPI) and Singapore’s PayNow, by the Indian Government is a crucial development in the nation's cross-border imperative. The connectivity between the two payment systems will make cross-border remittances more convenient, quick and cost-efficient. This move will bolster the trade and remittance flow between the two countries. It will significantly benefit migrant workers, tourists, small businesses, and enterprises. This will also establish a significant foundation for cross-border payments between India and ASEAN countries, creating a favorable environment for digital payments beyond borders. In the grand scheme, this creates an enabling environment for innovators and regulators to accelerate the delivery of effective digital payments solutions. It also provides a secure and conducive environment for consumers to adopt fintech solutions."
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