RNS: India and Singapore have launched a combined digital payment mechanism, allowing people of both countries to carry out transactions across borders in an easier and more expedient manner. Unified Payments Interface (UPI) of India and PayNow of Singapore have made a tie-up to facilitate these transactions.
Reserve Bank of India Governor Shaktikanta Das and Monetary Authority of Singapore Managing Director Ravi Menon unveiled the new facility on Tuesday.
Prime Minister Narendra Modi called this launch a gift for inhabitants of both countries and a new chapter in financial connection. He stated mobile money transfers are now cheap, rapid, and convenient.
“This payment method will assist professionals, students, and others,” he added.
“Digital India has allowed for Ease of Living and Ease of Doing Business in India. As a result, governance and public service delivery mechanisms have also improved,” said PM.
“During the peak of the Covid epidemic, he claimed, money was deposited directly into people’s bank accounts. India is currently at the forefront of the digital payment industry, and UPI has quickly become the preferred method of payment throughout the country. Over 7 thousand 400 crore UPI transactions worth 126 lakh crore rupees were made during the past year,” added Modi.
Singapore Prime Minister Lee Hsien Loong praised Prime Minister Narendra Modi, stating the idea was initially envisioned when PM Modi visited Singapore in 2018. He expressed happiness that the two payment systems were linked. He called this another step towards financial transaction ease, saying it offers economical, faster, and convenient money transmission that will boost trade between the two countries.