By way of PTI
NEW DELHI: Top Minister Narendra Modi on Tuesday expressed hope that virtual transactions will quickly surpass money as Unified Bills Interface (UPI) is increasingly more changing into probably the most most well-liked fee mechanism within the nation.
Modi after the release of the cross-border connectivity between the UPI and PayNow of Singapore mentioned about 74 billion transactions amounting to greater than Rs 126 trillion, which is roughly 2 trillion Singapore dolla, was once performed via UPI in 2022.
“Many mavens are estimating that very quickly India’s virtual pockets transactions are going to overhaul money transactions,” he mentioned.
A lot of transactions by means of UPI display that this indigenously designed fee device could be very protected, he mentioned.
Modi along side his Singaporean counterpart Lee Hsien Loong witnessed the release of cross-border connectivity between the UPI and PayNow of Singapore by means of video conferencing.
The primary transaction was once performed by way of Reserve Financial institution of India Governor Shaktikanta Das and Financial Authority of Singapore (MAS) managing director Ravi Menon.
The linkage of those two fee programs would permit citizens of each international locations in sooner and cost-efficient switch of cross-border remittances.
It’ll additionally lend a hand the Indian diaspora in Singapore, particularly migrant employees and scholars, via prompt and cheap switch of cash from Singapore to India and vice-versa.
India has emerged as one of the most fastest-growing ecosystems for fintech innovation.
A key emphasis of the Top Minister has been on making sure that the advantages of UPI don’t seem to be restricted to India handiest however prolong to different international locations as smartly.
NEW DELHI: Top Minister Narendra Modi on Tuesday expressed hope that virtual transactions will quickly surpass money as Unified Bills Interface (UPI) is increasingly more changing into probably the most most well-liked fee mechanism within the nation.
Modi after the release of the cross-border connectivity between the UPI and PayNow of Singapore mentioned about 74 billion transactions amounting to greater than Rs 126 trillion, which is roughly 2 trillion Singapore dolla, was once performed via UPI in 2022.
“Many mavens are estimating that very quickly India’s virtual pockets transactions are going to overhaul money transactions,” he mentioned.
A lot of transactions by means of UPI display that this indigenously designed fee device could be very protected, he mentioned.
Modi along side his Singaporean counterpart Lee Hsien Loong witnessed the release of cross-border connectivity between the UPI and PayNow of Singapore by means of video conferencing.
The primary transaction was once performed by way of Reserve Financial institution of India Governor Shaktikanta Das and Financial Authority of Singapore (MAS) managing director Ravi Menon.
The linkage of those two fee programs would permit citizens of each international locations in sooner and cost-efficient switch of cross-border remittances.
It’ll additionally lend a hand the Indian diaspora in Singapore, particularly migrant employees and scholars, via prompt and cheap switch of cash from Singapore to India and vice-versa.
India has emerged as one of the most fastest-growing ecosystems for fintech innovation.
A key emphasis of the Top Minister has been on making sure that the advantages of UPI don’t seem to be restricted to India handiest however prolong to different international locations as smartly.