On Tuesday, India and Singapore integrated their online payment systems in order to facilitate quick and pocket-friendly cross-border money transfers.
Narendra Modi, the Prime Minister of India, said that numerous transactions made via UPI show how safe the locally designed payment system is. In India, the usage of the UPI digital payment system has been growing quickly.
Prime Ministers of India and Singapore, Narendra Modi and Lee Hsien Loong, respectively, both attended the virtual launch event.
During the event launch, the PM said that “tying fintech services between two countries, India and Singapore, would upgrade the technology to the next level.”
“It will provide a financially sound platform for remittance transfers in both countries,” he added.
Lee Hsien said, “UPI Pay Now connectivity in both nations will help grow trade as well.”
The integrated online payment systems of these countries would allow residents to enjoy speedy and affordable cross-border payment transfers. Citizens from both countries will be able to make transactions in real-time via QR or just by entering the registered phone number associated with the bank account.
PM Modi ensures that UPI benefits benefit not only India but also other countries.