India has officially linked its flagship online payment system UPI with PayNow (the online payment system of Singapore) for seamless cross-border transactions between the two countries. The facility enables the people in both countries to send money in real time via a QR code or by simply entering the mobile number linked to their bank accounts.
The State Bank of India (SBI) on Wednesday said that it has allowed customers to use its 'BHIM SBIPay' mobile application for foreign inward and outward remittances. This has been done as part of its partnership in the recently launched real-time payments system linkage, UPI and PayNow, between India and Singapore.
"The facility is offered through SBI's BHIM SBIPay mobile application. The linkage will allow fund transfers from India to Singapore through registered mobile numbers and from Singapore to India using UPI ID," the bank said in a statement.
Dinesh Khara, Chairman, State Bank of India, said, "We are glad to be associated with this pathbreaking initiative. This will go a long way in boosting the digitisation initiatives of the Government and provide easy, seamless cross-border payment facility to the users."
India has officially linked its flagship online payment system UPI with PayNow (the online payment system of Singapore) for seamless cross-border transactions between the two countries. The facility enables the people in both countries to send money in real time via a QR code or by simply entering the mobile number linked to their bank accounts.
Prime Minister of India, Shri Narendra Modi, with the Prime Minister of Singapore, Mr. Lee Hsien Loong, launched the real-time payments system linkage between India and Singapore on February 21, 2023.
It was done by Shaktikanta Das, Governor, Reserve Bank of India (RBI), and Ravi Menon, Managing Director, Monetary Authority of Singapore (MAS). The RBI Governor used BHIM SBIPay for foreign inward remittance.
SBI said in the statement that the UPI-PayNow linkage is a significant milestone towards development of infrastructure for cross-border payments between India and Singapore.
Commenting on the initiative, PM Modi said that the initiative was testament to the friendship between the two nations that has stood the test of time.
"The linkage of these two payment systems between India and Singapore would enable residents of both countries to initiate a faster and more cost-efficient transfer of cross-border remittances. It will also help the Indian diaspora in Singapore, professionals, students, and workers through an instantaneous and low-cost transfer of money from Singapore to India and vice-versa," he said.
(Edited by : Anshul)
First Published: Feb 22, 2023 5:25 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Recommended Articles
View All
iPhone X will not get iOS 17 — a look back at this game changer
Jun 6, 2023 IST4 Min(s) Read
Zoomed Out: RBI Policy — prepare for growth upgrades, inflation downgrades
Jun 6, 2023 IST4 Min(s) Read
A village boy's journey from a pushcart selling fruits to a retail chain valued at Rs 800 crore
Jun 6, 2023 IST3 Min(s) Read
Legal Digest: Third party insurer can’t deduct Mediclaim from the compensation
Jun 6, 2023 IST4 Min(s) Read