Indian Payments Ecosystem: from india Unified Payments Interface (UPI) AND Singapore PayNow has been linked. This will help simplify the payment ecosystem between the two countries. During this virtual launch, Prime Minister Narendra Modi and Prime Minister of Singapore Lee Hsien Loong were present via video conference, along with Reserve Bank of India Governor Shaktikanta Das and Ravi Menon, CEO. of the Monetary Authority of Singapore. With this move, it has been confirmed that UPI is not only limited to India, but other countries also reap its benefits. Let us tell you, the central government is working at a very fast pace to strengthen the payment ecosystem of the country. The government plans to implement it in other countries as well. The Reserve Bank recently introduced digital currency, with the help of which you can see unlimited speed in payment transactions.
these people will benefit
UPI-PayNow will most benefit those people who are coming to visit Singapore from India for a short time. With its help, you will be able to make online payments there just like in India. The PMO said that a link like UPI-Penau can serve as a model to establish an infrastructure for cross-border payments between India and ASEAN countries. This will help the Indian diaspora in Singapore, especially expatriate workers and students, to develop a fast and low-cost means of transferring money from Singapore to India. Furthermore, such ASEAN cooperation on payment connectivity will benefit migrant workers, tourists, small businesses and businesses. During this, Prime Minister Modi said that this shows the strength between the two countries. In today’s era, technology connects us to each other in many ways. Fintech is a sector that connects people with each other. Normally this is confined within one country’s borders, but today’s launch opens a long-awaited new chapter of cross-border fintech connectivity. I congratulate the people of India and Singapore for this.
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