We are all familiar with UPI (Unified Payments Interface) transactions and it is the easiest way to transfer money. Whether you want to buy something online or in a shop, tapping into the UPI system makes payment convenient for you. Moreover, you don’t need to carry money around anymore! The only drawback of this system was that it was restricted to people within India. But now with the joint efforts of the Indian and Singapore governments, you will be able to do cross-border transactions. On Tuesday, Prime Minister Narendra Modi and Prime Minister Lee Hsien Loong witnessed the launch of a real-time payment system and here’s all you need to know about it.
Real-Time Cross-Border Transactions
Prime Minister Narendra Modi and Prime Minister Lee Hsien Loong attended the launch of cross-border transactions via video conferencing. The Governor of the Reserve Bank Of India (RBI) Shaktikanta Das and the managing director of the Monetary Authority of Singapore (MAS) Ravi Menon launched it. In this event, India’s Unified Payments Interface (UPI) and Singapore’s PayNow were linked.
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PM Modi’s Speech On The Event
PM Narendra Modi spoke about the friendly relations between India and Singapore. He further said that this linkage of UPI and PayNow is a gift for the citizens of both countries. And people were eager to receive it. He further congratulated the citizens of both countries.
According to him, in today’s world, technology is connecting us. And this launch has started a new chapter for the extent of connectivity between different countries. After today, transferring money from Singapore to India and vice versa will be just like transferring money within their respective countries. This will help them achieve a cost-effective and real-time fund transfer. And it will be beneficial for passengers, professionals, students and their families.
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For the past years, India has been committed to creating a sustainable environment for technological growth. He further states that Digital India has helped and promoted ease of living and ease of business.
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