PM Modi, Singapore counterpart launch real-time payment systems linkage

The linkage of these two payment systems would enable residents of both countries in faster and cost-efficient transfer of cross-border remittances

Updated on: Feb 21, 2023, 11:31:22 IST

By HT News Desk

Prefer HTon Google

Share via

Copy link

Prime Minister Narendra Modi and Prime Minister of Singapore, Lee Hsien Loong witnessed the launch of cross-border connectivity between the Unified Payments Interface (UPI) of India and PayNow of Singapore via video conferencing.

Reserve Bank of India (RBI) Governor Shaktikanta Das and Monetary Authority of Singapore (MAS) managing director Ravi Menon launched the cross-border connectivity.

"Linkage of Unified Payments Interface (UPI) and PayNow is a new milestone in India-Singapore relations," PM Modi said, calling UPI “the most preferred payment mechanism” in India as “74 billion transactions amounting to more than ₹126 trillion were done through UPI in 2022.”

“Many experts are estimating that digital wallet transactions are going to soon overtake cash transactions,” PM Modi added.

India has emerged as one of the fastest-growing ecosystems for fintech innovation. Prime Minister Modi’s visionary leadership has been instrumental in driving globalisation of India’s best-in-class digital payment infrastructure, union finance ministry said in a statement.

“A key emphasis of the Prime Minister has been on ensuring that the benefits of UPI are not limited to India only, but other countries too benefit from it,” it said.

The linkage of these two payment systems would enable residents of both countries in faster and cost-efficient transfer of cross-border remittances, it added, also helping the Indian diaspora in Singapore, especially migrant workers and students through instantaneous and low cost transfer of money from Singapore to India and vice-versa.

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

Pm Modi

Stay updated with the latest Business News on Petrol Price, Gold Rate, Silver Rates, Diesel Prices along with Income Tax Calculator