PM Modi made an important announcement regarding UPI or the Unified Payment Interface. He claimed UPI exceeded cash transactions as India's most popular payment method. Moreover, today began, cross-border payment connectivity between Singapore and India. In this, PayNow of Singapore and UPI of India have joined.
The UPI users will be more than cash users in India.
To begin the two nations' payment connectivity, PM Modi and PM Lee Hsien Loong of Singapore joined by video conference. At this event, PM Modi said that 126 trillion rupees worth of transactions totaling 74 billion were made throughout the country in the fiscal year 2022. As a result of UPI's success in India, many nations are now using it.
The PM also said that many experts think UPI could soon overtake cash as the country's most widely used payment method. Along with this, PM Modi added that so many UPI transactions demonstrate the safety of this Indian-made payment system.
Transactions between the two countries became easier.
The ease of money transfers between the two countries would increase with the deployment of the UPI-Pay Now Link. Anyone can now send money to Singapore through UPI like they can send money within India. Indian residents of Singapore will now be entitled to conduct financial transactions using UPI and Pay Now.
Customers of the Indian Bank, State Bank of India, Indian Overseas Bank, and ICICI Bank can take and send money. However, clients of Axis Bank and DCB Bank can only order money at the same time.
