New era of digital payment: India’s UPI and Singapore’s Paynow will be connected … transaction will be easy

TechnologyNew era of digital payment: India's UPI and Singapore's Paynow will be...
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Technology has created a new world in the 21st century. Today’s era has turned into the digital era. Technology is benefiting every sector of the society. The digital revolution has become even more significant in India, which has transformed almost all sectors of society. Not only this, the campaign of Digital India (Digital India) is expanding globally. An example of this is that now money can be transferred between India and Singapore (India, Singapore) with great ease and speed.

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‘Cross-border connectivity’ between India’s Unified Payments Interface (UPI) and Singapore’s Paynow is going to start from today. Reserve Bank of India (RBI) Governor Shaktikanta Das and Monetary Authority of Singapore (MAS) Managing Director Ravi Menon will launch it. Prime Minister Narendra Modi and his Singaporean counterpart Lee Hsien Loong will witness the cross-border connectivity launch through video conferencing.

What and who will get the benefit?

The integration of UPI and PayNow under cross-border connectivity will make money transactions between the two countries extremely fast and easy. This means that Indians living in Singapore will now be able to send money to their families through UPI. Not only this, if an Indian living in Singapore needs money, he can also ask for money through digital payment. Indian students or migrant workers living in Singapore can benefit more from this.

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It is noteworthy that India has emerged as one of the fastest growing ecosystems for fintech innovation. The Union Finance Ministry on Monday said that the visionary leadership of Prime Minister Narendra Modi has been instrumental in driving the globalization of India’s best-in-class digital payments infrastructure. One of the major thrusts of PM Modi has been to ensure that the benefits of UPI are not limited to India only, but other countries also get to benefit from it.

Transaction made easy with UPI

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There has been a new revolution in digital transactions after UPI. With the advent of UPI, transactions have become faster and easier. Hence UPI payment system is very popular for retail digital transactions in India.

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