Many Indians visit Singapore for business or pleasure. From now on they can use Google Pay, PayTM and other digital payment systems to send money to their friends, colleagues and relatives. Unified Payments Interface (UPI) will be integrated with PayNow from Tuesday, February 21.
Not only in India. Now money can be paid by scanning QR in many shops outside the country. No currency conversion story. Transactions can be done through any app with normal UPI. India's UPI is going to change the entire experience of traveling abroad.
This system is about to be launched in Singapore. Many Indians visit Singapore for business or pleasure. From now on they can use Google Pay, PayTM and other digital payment systems to send money to their friends, colleagues and relatives. Unified Payments Interface (UPI) will be integrated with PayNow from Tuesday, February 21.
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| UPI and PAYNOW |
As a result, money can be transacted faster and at lower cost. The connection of two real-time payment systems is expected to set a precedent for the world. Prime Minister Narendra Modi and Singapore Prime Minister Lee Hsien Loong will join the launch on Tuesday via video conferencing. The two countries are going to witness history.
Reserve Bank of India (RBI) Governor Shaktikanta Das and Monetary Authority of Singapore MD Ravi Menon will inaugurate the launch of Cross-Border Connectivity (MAS) at 11 am.
About 5.7% or $100 billion of all India's remittances come from Singapore. That level is expected to increase further as a result of UPI.
Not only Singapore. Initially this facility is being launched in 10 countries. According to a notification by NPCI, non-resident Indians will soon be able to transfer money between their Non-Resident External (NRE) and International numbers through UPI (Unified Payment Interface). Initially, Non-Resident Indians (NRIs) of 10 countries will get that opportunity.
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