New Delhi:
The Monetary Authority of Singapore on Monday said the integration of India’s Unified Payments Interface (UPI) and the equivalent network in Singapore, known as PayNow, will start soon, which will bring down remittance costs by 10 per cent.
There will be interoperability of the two digital payment networks, allowing seamless remittances between the two countries at highly competitive rates.
“The integration of UPI and Singapore’s Penau with India is ready and awaits launch,” Sopnendu Mohanty, chief fintech officer at the Singapore central bank, told the G20 meeting on financial inclusion in Kolkata.
“At present, remittances to India are at least S$1 billion and to Singapore, India would be S$200-300 million,” Mohanty said.
Pramod Verma, chief architect of Aadhaar and India Stack, said similar interoperability will happen with Dubai and some other countries soon.
He added that this integration will also help Indian tourists to make payments in Singapore using UPI. Singapore already has such a tie-up with Indonesia’s Prompay to facilitate seamless cross-border transfers.
Mohanty expects interoperability of such payment networks to happen almost simultaneously with India and Malaysia.
Dilip Asbe, MD and CEO of National Payments Corporation of India (NPCI), said that India is ready to provide UPI technology and code free of cost to help countries build digital payment infrastructure.
Mohanty said that apart from the cost barrier to adoption and legal hurdles, the data-sharing rules outweigh the technology challenges.
(This story has not been edited by NDTV staff and was auto-generated from a syndicated feed.)
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