Indian UPI linked to Singapore Pay Now - what this means and who will benefit from this

Digital payments have revolutionized the way people across the world conduct transactions. With the increasing adoption of digital payments in India and Singapore, it was only a matter of time before the Indian UPI app and Singapore Pay Now were linked. This integration brings several benefits to individuals and businesses, as well as to the economies of both countries.

What is India’s United payment interface?

India’s United Payment Interface (UPI) app is a mobile payment system that was launched in 2016 by the National Payments Corporation of India (NPCI). The app has become incredibly popular in India, with more than 200 million users  .. UPI is an instant payment system that allows users to transfer funds between bank accounts using a mobile device. It is a simple, fast, and secure way to make payments, and it has become an essential part of the Indian digital payments ecosystem.

Read More: - UPI - Unified Payment Interface Guide

About Singapore Pay now:

Singapore Pay Now is a similar payment system that was launched in 2017 by the Monetary Authority of Singapore (MAS). The system enables individuals and businesses to make peer-to-peer (P2P) and merchant payments using their mobile numbers or National Registration Identity Card (NRIC). Pay Now is fast, secure, and convenient, and it has been well-received by Singaporeans, with more than 5 million users

Integration of India’s UPI & Singapore’s pay now:

The integration of India’s UPI app and Singapore Pay Now is a significant development for digital payments in both countries. The two systems will be linked using the international payment gateway, enabling users to transfer funds seamlessly between the two countries. This integration will allow Indian and Singaporean users to send and receive money instantly and securely, without having to worry about exchange rates or other transaction fees.

Benefits of this integration:

One of the key benefits of this integration is that it will make cross-border payments much easier for individuals and businesses in both countries. Currently, sending money from India to Singapore or vice versa can be a complicated and expensive process, involving multiple intermediaries and fees. With the integration of UPI and Pay Now, users will be able to send and receive money instantly and securely, without having to go through any intermediaries.

Another benefit of this integration is that it will promote trade and investment between India and Singapore. Both countries have strong trade and investment ties, and the integration of UPI and Pay Now will make it easier for businesses to conduct cross-border transactions. This will benefit not only large corporations but also small and medium-sized enterprises (SMEs), which are the backbone of both economies.

The integration of UPI and Pay Now will also benefit the large Indian and Singaporean expat communities living in each other’s countries. Currently, these communities have to rely on traditional remittance channels to send money to their home countries, which can be slow and expensive. With the integration of UPI and Pay Now, they will be able to send and receive money instantly and securely, without having to go through any intermediaries.

The integration of UPI and Pay Now is also a significant development for the global digital payments ecosystem. Both UPI and Pay Now are leading digital payment systems in their respective countries, and their integration will set a new standard for cross-border payments. It is likely that other countries will follow suit and integrate their own payment systems with UPI and Pay Now, creating a truly global digital payments ecosystem.