Prime Minister Narendra Modi at the launch of the UPI-PayNow linkage between Indian and Singapore says that the the the entry of UPI in Singapore is a gift for both India and Singapore.
He also congratulated the citizens of both countries.
He further added that many experts are predicting that digital wallet transactions are going to soon take over cash transactions. Giving out numbers, Prime Minister Modi said that there are 74 billion transactions done through UPI, demonstrating that it is a secure payment system.
Residents of Singapore, starting from February 21, can transfer money to India using the Unified Payments Interface of India. The linkage of cross-border connectivity between UPI and PayNow of Singapore will enable residents of both counties to make faster transfers with more cost-efficient cross-border remittances.
Beneficial for students and workers of the Indian diaspora
The PM's office in an earlier release had said that the linkage will help migrant workers and students of the Indian diaspora in Singapore to make low-cost transfer of money.
Travellers in India will soon e able to make payments through UPI
Meanwhile, the Reserve Bank of India has proposed allowing inbound travelers to India to use UPI for payments while in the country. In the initial stage, this feature would be available only to the G20 member countries.
Soon, non-resident Indians, with bank accounts in India will be able to use UPI platforms using their international mobile numbers.
