India and Singapore on Tuesday linked their online payment systems, making safe, quick and cost-effective cross-border money transfers possible. Prime Minister Narendra Modi expressed hope that digital transactions would soon overtake cash.
PM Modi along with his Singaporean counterpart Lee Hsien Loong witnessed the launch of cross-border connectivity between India’s Unified Payments Interface (UPI) and Singapore’s PayNow.
PM Modi said, “Many experts are predicting that very soon India’s digital wallet transactions will overtake cash transactions.” He said that last year 74 billion transactions were done through UPI.
Modi said the large number of transactions through UPI demonstrate that the indigenously designed payment system is very secure.
The Reserve Bank of India (RBI) said that the UPI-PayNow linkage will enable users of the two fast payment systems in any country to make convenient, secure, quick and cost-effective cross-border money transfers. a statement.
It added that funds held in bank accounts or e-wallets can be transferred to or from India using UPI-ID, mobile number or Virtual Payment Address (VPA) only. Over time more banks will be included in the linkage.
PM Modi said on the occasion, “The linkage of UPI and PayNow is a new milestone in India-Singapore relations. UPI is the most preferred payment mechanism in India. UPI is expanding its footprint to other countries as well.”