Unified Payments Interface (UPI) of India and PayNow of Singapore have been linked earlier today at a virtual event, which was attended by Prime Minister Narendra Modi and his Singaporean counterpart Lee Hsien Loong.
In what is a first-of-its-kind collaboration with another country, India and Singapore on Tuesday linked their respective online payments systems -- Unified Payments Interface (UPI) of India and PayNow of Singapore -- for seamless cross-border transactions between the two countries.
"As India's 1st first cross-border real-time payment partner, this milestone initiative reflects the deep trust between both countries and will take the bilateral relationship to even greater heights. We look forward to continue to be part of India's digital transformation journey," said Sim
The linkage of these two payment systems of both countries would enable residents of both countries to the faster and more cost-efficient transfer of cross-border remittances.
"If you look at our cashless transactions, the UPI, I think we record the largest number of cashless transactions in the world. So there's been a kind of a technology leapfrogging in the psyche of people, and that's been actually a very big difference," Jaishankar said at the Raisina@Sydn
India's successful digital journey, from creating Aadhar--a unique digital identity that is accepted across the country--to creating a wider set of open APIs called India Stack, has ushered in a digital revolution around the globe.
Designed by the National Payments Corporation of India (NPCI), UPI LITE was launched by the Reserve Bank of India in September 2022. It also de-clutters the bank passbook of small value transactions, as these payments would now only show in the Paytm balance and history section, and not in t
Mumbai (Maharashtra) [India], February 11 (ANI/SRV): Network People Services Technologies Ltd (NPST) has announced a stunning financial performance by reporting healthy revenue of Rs 10.32 crore, a 127.59 per cent YoY growth for Q3 FY23, making waves in the UPI payment market. NPST, which sp
According to PhonePe, users would now be able to make payments in foreign currencies directly from their bank accounts, similar to international debit cards.
Mumbai (Maharashtra) [India], February 9 (ANI/NewsVoir): Today, ConsenSys, a market-leading Web3 company, announced that MetaMask, the world's leading Web3 wallet, will integrate with Onramp.money, powered by India's largest exchange - Bitbns, in a move that will allow Indian users to easily
Reserve Bank of India said it has proposed to permit all inbound travellers to India to use UPI for their merchant payments while they are in the country.