India and Singapore have formalized the integration of their payment systems. In a first-of-its-kind partnership with another nation, India and Singapore linked their respective online payment systems on Tuesday—Unified India’s Payments Interface (UPI) and Singapore’s PayNow—to enable smooth cross-border transactions.
Through video conferencing, India’s Unified Payments Interface (UPI) and Singapore’s PayNow were connected for the first time. Prime Ministers Lee Hsien Loong and Narendra Modi were present. People in both countries will be able to send money in real-time by entering their mobile phone numbers. Or by using transactions based on QR codes. The integration of fintech services between Singapore and India will advance technology. According to PM Modi, who spoke at the launch event.
According to PM Modi, people in both countries will have access to a real-time, low-cost platform for remittance transfers. Shaktikanta Das, governor of the Reserve Bank of India (RBI), and Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), Singapore’s top financial regulator, were also in charge of the launch event. India has emerged as one of the most rapidly expanding fintech innovation ecosystems. PM Modi-led administration has played a key role in accelerating the internationalization of India’s digital payment infrastructure.
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Prime Minister Modi has placed a strong emphasis on making sure that other nations also benefit from UPI, not just India. It was further stated that by linking these two payment systems. Residents of both nations would be able to send cross-border remittances more quickly and inexpensively. This would also help the Indian community in Singapore, especially migrant workers and students. Because it would make sending money from Singapore to India and back quickly and cheaply.