UPI has made online transactions seamless across India, but imagine not having to to switch to another app when you travel abroad. Out of 130 crore Indians, more 26 crore people are currently using the UPI platform for digital transactions, and it has brought more than 300 banks on board. Now UPI is planning to go global with cross border payments, and the most anticipated step forward for that is its integration with its equivalent in Singapore called PayNow.
The amalgamation set to start anytime soon, will bring remittance for transactions down to 10 per cent. The announcement was made by Singapore central bank’s chief fintech officer Sopnendu Mohanty during a G20 meeting in Kolkata. Currently 1 billion in Singapore Dollars is sent as remittance to India to 200-300 million Singapore Dollars flow out of India.
But Singapore is just the beginning of a similar system to be developed between India and UAE as well as other countries. Singapore and Indonesia already enjoy a partnership through PayNow and PromPay.
India will also provide UPI technologies and codes for free to countries building infrastructures to facilitate digital payments.
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