India: Close on the heels of enabling all inbound travellers visiting India to make local payments using Unified Payments Interface (UPI), the India’s digital payment system is now linked to Singapore’s PayNow.
With the integration of India’s UPI and Singapore’s PayNow it becomes easy for the residents of both countries to send cross-border remittances more quickly with cheaper service fee.
It has additional value addition for the Indian diaspora in Singapore, particularly migrant workers and students, as the new arrangement will facilitate instant and low-cost money transfers from Singapore to India and vice versa, media reports said quoting sources from India’s central bank Reserve Bank of India and ministry of external affairs (MEA).
Shaktikanta Das, Reserve Bank of India (RBI) governor and Ravi Menon, Managing Director of the Monetary Authority of Singapore (MAS) launched the cross-border payment connectivity on Wednesday.
Meanwhile, to start with the facility of local payments using Unified Payments Interface (UPI) for inbound travellers began on February 21 to all travellers from G-20 countries, at select international airports -- Bengaluru, Mumbai and New Delhi.
Smart cards, UPI linked online wallets for making payments at merchant outlets are issued to eligible travellers to make payments at the merchant outlets.
Besides ICICI Bank, IDFC First Bank, two non-bank PPI issuers -- Pine Labs Private Limited and Transcorp International Limited have been authorised to issue UPI linked wallets. More financial institutions would be added after the review of the system with the current PPI issuers.
In a statement RBI said, "Travellers visiting India can now experience the convenience of UPI payments at over five crore merchant outlets across India, that accept QR Code-based UPI payments."
The G20 or Group of 20 is an intergovernmental forum of the world's major developed and developing economies. It comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US, and the European Union (EU).
Oman Observer is now on the WhatsApp channel. Click here
