Cross Border Payments Solutions
Indian Prime Minister Narendra Modi and Singaporean Prime Minister Lee Hsien Loong are launching a Cross Border Payments system with the help of India Based UPI and Singapore Based PayNow Payments technology on Tuesday.
The association of two payment systems of India and Singapore helps the residents to send and receive payments faster and cost-efficiently to the cross border.
This Launch will be held on Tuesday via Video Conference. Indian is growing significantly faster in the ecosystem of fintech innovation. The PM ensures the benefits of UPI are not limited to India; other countries can take the help of India’s UPI payments system. It is beneficial for migrant workers and students of India and Singapore. They can easily send and receive money instantly and with low transfer charges.
As UPI is the popular payment system, RBI Proposed that travelers coming to India from other countries use the UPI payment system for merchant payments. UPI is famous for digital retail payments in India, and its usage and adoption are increasing rapidly.