Indian PM Narendra and Modi Singapore PM Lee Hsien Loong has launched linkage of India’s UPI to Singapore’s PayNow, by integrating the digital payments system India can now make cheaper, faster payments in Singapore.
Prime Minister Narendra Modi congratulate the citizens of India and Singapore, “The linkage of Digital Payments (UPI and PayNow ) is a new milestone in India- Singapore relations and its launch is a present to the people of both the Nations”. Now a days, it is a technology that connects is in numerous ways.
Fintech is a field that connects people to one another. Ordinarily, it is limited within the boundaries of one nation only. However, todays launched has begun a new chapter of cross- border Fintech connectively, PM Narendra Modi said.
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He continued saying, “this will especially benefit our diaspora, professionals, students and their family members”.
In today’s Era “UPI is the most loved payment mechanism in the country, there are many professionals who believes that digital wallet transactions will soon surpass the cash payments in India”.
UPI- PayNow Linkage Know more
Cross- country Digital payments are generally less transparent and costly than local transaction. The UPI- PayNow linkage will develop the infrastructure for cross- country payments between India and Singapore and it will drive faster, inexpensive and more pellucid cross- country payments.
Check how this will Benefit Indians
The UPI- PayNow linkage will now allow the Digital user of each of the two countries for making fast payment facility to make instantaneous and inexpensive Fund transfers on a reciprocal way without a need to get on board the another transfer system of payment.
This will also help Indians diaspora in Singapore, it will help Foreign workers and younger ones who are studying abroad, via the instant and inexpensive transfer of money from Singapore to India and Contrariwise.
