With the recent development regarding International UPI Payments, from Tuesday residents of Singapore and India can now transfer payments through UPI or Unified Payment Interface and PayNow.
RBI Announced UPI and PayNow Linkage For International Payments in Singapore
On Monday, to make the International UPI concept successful, the first step was taken by the Indian and Singapore governments. Both the representatives from the respective countries, RBI Governor Shaktikanta Das, and Ravi Menon, MD of the Monetary Authority of Singapore launched the linkage at 11 am. Furthermore, PM Narendra Modi and the PM of Singapore, Lee Hsien Loong attended the launch through virtual channels.
So, this 24 hours running instant facility will serve as the bridge to connect payment transfers between India and Singapore UPI users via Google Pay, Paytm, and other digital payment applications.
What is UPI?
UPI or Unified Payment Interface, developed by National Payments Corporation of India (NPCI), is an instant payment method which allows a user to link all their bank accounts to one UPI app and execute a bank-to-bank transfer by entering a UPI PIN. The users can either scan a payment QR code to send money or use VPA or Virtual Payment Address to make a transfer, before entering the PIN.
Also read:What Are Latest NRI Taxation Rules in India?
What is Singapore PayNow?
“Similar to India’s fast payment system – UPI – PayNow is Singapore’s counterpart. With just a mobile number, users can send and receive funds from one bank or e-wallet account to another in Singapore. This peer-to-peer payments linkage is enabled through participating banks and Non-Bank Financial Institutions (NFIs) in the country,” mentioned by Hindustan times.