At the virtual inauguration of the real-time payment linkage between India’s Unified Payments
Interface (UPI) and PayNow of Singapore, Prime Ministers Shri Narendra Modi and Lee Hsien Loong of Singapore took part. Using their respective mobile phones, Mr. Ravi Menon, Managing Director of the Monetary Authority of Singapore, and Mr. Shaktikanta Das, Governor of the Reserve Bank of India, conducted live cross-border transactions with one another.
The first nation with whom a cross-border P2P payment option has been introduced in Singapore. Quick and inexpensive money transfers from Singapore to India and vice versa will assist the Indian diaspora in Singapore, particularly migrant workers and students, and extend the advantages of digitalization and FINTECH to the general public. UPI payments using QR codes are already accepted in a few Singaporean retail locations.
The two prime ministers spoke on the phone before the virtual launch to discuss topics of relevance to both parties. The Prime Minister thanked Prime Minister Lee for helping to advance India-Singapore ties and expressed excitement about cooperating with him during India’s G20 Presidency.
One of the ecosystems for financial innovation with the quickest growth in India. The best-in-class digital payment infrastructure in India has been driven towards globalisation by the visionary leadership of Prime Minister Narendra Modi. The Prime Minister has strongly focused on ensuring that UPI’s advantages are felt by other nations as well, not only India. The integration of these two payment systems would make it possible for citizens of both nations to send money across borders more quickly and affordably. Instantaneous and inexpensive money transfers from Singapore to India and vice versa will benefit the Indian diaspora in Singapore, particularly migrant workers and students.
