Now you can easily send money to and receive money from Singapore using UPI without any hassle. Cross-border payment connectivity between India and Singapore has started. For this, UPI has been linked to PayNow in Singapore.
You can send money to Singapore through UPI apps like Gpay, PhonePe and Paytm. At the same time, money can be sent from Singapore to India through Penau. Today Prime Minister Narendra Modi and Prime Minister of Singapore Lee Hsien Loong launched it through video conference.
After this new facility, now people of both countries will be able to transfer money immediately (real time) through QR code or mobile number linked to their bank accounts. The benefit of this facility will be available 24x7. According to the Ministry of External Affairs, about 6.5 lakh Indians are living in Singapore in 2022. This includes Non-Resident Indians and Persons of Indian Origin.
In January 2023, transactions worth Rs 13 lakh crore were done through UPI. A total of 803 crore transactions took place through UPI in January. Earlier in December 2022, payment of Rs 12.82 lakh crore was made through UPI. In terms of volume, there were 782 crore transactions in December.
With the launch of UPI in 2016, there was a revolution in the world of digital payments. UPI gave the facility to transfer money directly to the bank account. Earlier there was a trend of digital wallet. There is a hassle like KYC in the wallet, while nothing has to be done in UPI. Penau is a payment system similar to UPI developed by the Association of Banks in Singapore.
The operation of RTGS and NEFT payment systems in India is with the RBI. National Payment Corporation of India (NPCI) operates systems like IMPS, RuPay, UPI.