India's UPI, Singapore's Paynow to integrate soon, says an official at a G20 meeting
UPI
The Unified Payment Interface (UPI) of India and its similar network in Singapore, PayNow, will soon be integrated, according to the Monetary Authority of Singapore, which will result in a 10 per centreduction in remittance costs, according to a PTI report.
The government seeks to reduce the risks of a financial or geopolitical scenario in which traditional payment channels are disrupted by creating a worldwide UPI ecosystem as a bigger strategy based on the geopolitical unrest seen in recent times.
The two digital payment networks between India and Singapore would be interoperable, enabling seamless remittances between the two countries at a very affordable rate.
"Integration of UPI and Singapore's PayNow with India is ready and waiting for launch," said Sopnendu Mohanty, chief fintech officer of the Singapore Central Bank, at the G20 financial inclusion meeting in Kolkata.
"As of now, remittance to India is at least 1 billion Singapore Dollars, and India to Singapore will be 200-300 million Singapore Dollars," he said.
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Mohanty anticipates that these payment networks' interoperability with Malaysia and India also would occur virtually simultaneously. Besides financial and legal constraints, Mohanty claimed that data-sharing requirements outweigh technological difficulties.
Aadhaar & India Stack lead architect Pramod Verma predicted that Dubai and a few other nations would soon see a similar level of interoperability.
According to him, this connectivity will also enable Indian visitors to Singapore to make UPI payments. Singapore already has a partnership with PromPay in Indonesia to simplify cross-border transfers.
Dilip Asbe, MD & CEO of National Payment Corporation of India (NPCI), stated that India is prepared to provide UPI technologies and codes free of charge to assist other countries in developing digital payment infrastructure.
France, the United Arab Emirates (UAE), Saudi Arabia, Bahrain, the Maldives, Bhutan, and Oman are some other nations that have embraced various Indian payment methods.
That suggests Indians would now be able to transact in these nations using UPI, RuPay, etc.
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