India has signed a historic agreement with Singapore in the field of digital payments.
India has signed a historic agreement with Singapore in the field of digital payments.
India is fast becoming empowered and strong digitally as well, with the introduction of 5G service in India, people are getting good facilities. Along with this, awareness has also come among the people about online payment, with the rapid trend of payment through UPI is also increasing in India. Today India has taken a step forward in this direction.
Today a historic agreement has been signed between India and Singapore in the field of digital payments. After this agreement, there will be ease in the payment of money between the two countries. Indian Prime Minister Narendra Modi and Singapore Prime Minister Lee Hsien Loong on Tuesday launched cross-border linkage between UPI and Penau. PM Modi said that the Unified Payments Interface and Penau’s linkage is a new milestone in India-Singapore relations. Reserve Bank of India Governor Shaktikanta Das and Managing Director of Monetary Authority of Singapore Ravi Menon were also present in this virtual event.
What is UPI and PayNow
Unified Payment Interface i.e. UPI is India’s mobile based payment system, which provides 24 hours payment facility to the customers. UPI creates a virtual payment address for every payment, making person-to-person or person-to-merchant payments risk-free. This is how PayNow also works.
With the linking of UPI and PayNow, there will be ease in money transactions between the two countries. Along with this, the business between the two countries will also increase and the people of Singapore will be able to send money easily to India. There will also be a discount on the charges levied on this. If a person is going to visit Singapore from India, then that person can easily pay and buy goods through UPI at retail shops there.
