Posted ByTechViewUnder the planned connection (VPA), money can be transmitted using mobile phone numbers from India to Singapore and utilizing UPI virtual payment addresses from Singapore to India.
Workers who visit Singapore for a limited time and normally forgo roughly 10% of the total as bank costs for money transfers will profit from UPI-Pay Now.
According to India’s High Commissioner in Singapore, P Kumaran, the two nations are getting ready to join their respective quick payment systems, Unified Payments Interface (UPI) and Pay Now, to make it simple and inexpensive to move money between them.
According to the news agency ANI, this effort enables money transfers between Singapore and India using mobile phone numbers and between Singapore and India using UPI virtual payment addresses (VPA).
The ability to transmit money in smaller amounts rather than all at once will therefore be of great benefit to people doing so, according to the Indian envoy to Singapore. RuPay, a domestic card payment network in India, and Pay Now are comparable. In addition, Pay Now has connections with other Asian nations, making it simpler for customers to purchase and trade inside the region.
The Monetary Authority of Singapore (MAS) and the Reserve Bank of India (RBI), the respective central banks of the two nations, will work together on the initiative. The initiative to integrate the United Payments Interface (UPI) and Pay Now has been jointly developed by Singapore’s Monetary Authority of Singapore (MAS), the central bank of Singapore, and the Reserve Bank of India (RBI).
When the project is complete, which is expected to be within the next few months, anyone in Singapore will be able to send money to their family members in India, according to Kumaran. Singapore wants to connect its Pay Now with UPI.
RuPay, India’s own card payment network, and Pay Now are comparable. If the UPI-Pay Now link is maintained, Singapore can connect India to other Asean nations through its connections with them.
2 lakh employees are thought to travel to Singapore for short-term employment, and many of them send money home. Particularly migrant employees will profit from UPI-PayNow since they normally forgo roughly 10% in bank transfer fees.
The majority of Indian tourists who come to our country do not have RuPay cards, and those who have may only have the local version, which poses a small problem. Therefore, in the future, we’ll see a lot of people relying on digital technology instead of carrying large amounts of cash or using expensive overseas credit cards “Added the Indian High Commissioner.
Workers who visit Singapore for a brief time and normally forego around 10% of the total in bank fees will profit from UPI-Pay Now.
Such Asean cooperation on payment connectivity would help tourists, small businesses, and enterprises, as well as migrant workers.