UPI Transactions: Today, payment has started between India and Singapore through UPI-Penau. Now people between the two countries will be able to make cross border payments easily.
PM Modi on UPI Transactions: Prime Minister Narendra Modi (PM Modi) has given a big statement today regarding UPI i.e. Unified Payment Interface. He said that UPI has become the most preferred payment system in India and will soon overtake cash transactions. Cross-border payment connectivity has started between India and Singapore today. In this, UPI of India has been linked with PayNow of Singapore.
Number of UPI users will be more than cash users in India
PM Modi and Singapore’s PM Lee Hsien Loong connected through video conferencing to start the payment connectivity of the two countries. On this occasion, PM Modi said that in the financial year 2022, a total of 126 trillion rupees transactions have been done through 74 billion transactions across the country. Seeing the success of UPI in India, now other countries are also joining this new system.
On this occasion, the PM also said that many experts believe that soon UPI will emerge as the most popular payment system in the country leaving behind cash. Along with this, PM Modi also said that the UPI Transaction happening in such a large number shows that this payment system made in India is absolutely safe.
A new milestone in India-Singapore relations as we link real-time digital payments systems. 🇮🇳 🇸🇬 https://t.co/SubBSNyMO8
— Narendra Modi (@narendramodi) February 21, 2023
Transaction between the two countries became easier.
Explain that after the launch of UPI-Pay Now Link, the money transaction between the two countries will become very easy. From today onwards, people will be able to transfer money to Singapore through UPI just like they transfer money inside India. From today, Indians living in Singapore will be able to transact money through Pay Now and UPI.
Customers of State Bank of India, ICICI Bank, Indian Overseas Bank and Indian Bank will get the facility of both taking and giving money. At the same time, customers of Axis Bank and DCB Bank can only order money.
