India-Singapore payment linkage: In presence of PM Narendra Modi and his Singapore counterpart Lee Hsien Loong, India and Singapore on Tuesday launched a real-time link to facilitate ease to cross border money transfer between two nations.
Transfer of funds will now be possible easily using mobile phones just because of the tie-up between India’s Unified payments Interface (UPI) and Singapore’s PayNow. The new facility of cross border fund transfer arrangement would lower the cost of payments.
It will help Migrant worker, professionals and students – PM Modi
Witnessing the event organised via video conferencing, PM Modi said, ” This will enable people of both countries to transfer funds immediately at low-cost just using their mobile phones.” The new linkage payment facility will help migrant workers, students and professionals, PM Modi said.
UPI and PayNow is a similar kind of service provider. UPI allows instant real time money transfer across multiple banks without disclosing bank account details while PayNow offers payment service by participating banks that allows sending and receiving Singapore dollars using a mobile number.
Banks to facilitate cross border fund transfer
For Indian users, State Bank of India, Indian Overseas Bank, Indian Bank and ICICI bank will facilitate both sending and receiving facility while Axis Bank and DBS India will allow only, RBI said in a statement.
For Singapore Users, DBS Singapore and Liquid Group will facilitate the service. More banks will be added, Indian users can do transactions up to 60,000 Indian rupees in a day, RBI Said.