India has a national payment network called UPI (Unified Payments Interface). For its part, Singapore has a fast payment system called PayNow. Recently, the Governor of the Reserve Bank of India and the Chief Executive of the Monetary Authority of Singapore launched an operation. Through it, residents of both countries will be able to make fast cross-border money transfers.
A new service to simplify cross-border money transfers!
India has decided to extend its national payment network to Singapore. So he launched a new cross-border money transfer service. The launch of the service was done via token transactions, carried out using the UPI-PayNow link. The Governor of the Reserve Bank of India and the Director of the Monetary Authority of Singapore initiated the transactions.
The new service should improve the way funds are transferred between India and Singapore. Four major financial entities will facilitate outgoing remittances through the service in India. These are State Bank of India, Indian Overseas Bank, Indian Bank and ICICI Bank. At the same time, Axis Bank and DBS Bank India will manage incoming funds transfers. In Singapore, Liquid Group and DBS Bank will provide the new service to residents.
Sathvik Vishwanath, CEO of Indian crypto exchange Unocoin, gave a statement on the new service. He has explained : “This is a great added value for India’s payment platforms, given that nearly 30% of Singapore’s population are expats who send money to India once a month or quarterly. This integration eliminates friction, reducing processing time and costs“.
India’s national payment network: a powerful system!
It should be noted that India’s UPI allows instant money transfers between two bank accounts via a mobile interface. Multiple options for sending and receiving money available to users with this national payment network. In particular, it is possible to carry out the transactions using nothing other than a UPI identifier.
Users can also use a mobile phone number. If the funds are in bank accounts or digital wallets, a virtual payment address can be used.
In recent years, India has significantly improved its digital payment infrastructure. Also, even though the government is not very fond of crypto, it wants to use blockchain technology for its CBDC program.
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