Singapore (Commonwealth Union)_ According to reports, India and Singapore have made the necessary technological preparations to integrate their rapid payment systems. A recent media report states that the Unified Payments Interface (UPI) and PayNow payment systems may soon be utilized for money transfers between India and Singapore, which will be of great benefit to migrant workers. Apart from being inexpensive, the service is also anticipated to facilitate the easy movement of funds.
Accordingly, the central banks of the two countries, the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS), are collaborating to integrate the UPI and PayNow payment systems. This project is anticipated to be launched in the near future. According to the proposed scheme, money transfers from India to Singapore are anticipated to occur through mobile phone numbers. However, the transfer of payments from Singapore to India is anticipated to be conducted using a UPI virtual payment address (VPA).
According to P Kumaran, Indian High Commissioner in Singapore, “Singapore wants to connect its PayNow with UPI and that project will be completed sometime in the next few months. When that happens, anybody sitting in Singapore will be able to transfer money to their family members in India”.
Latest reports claim that Prime Minister (PM) Narendra Modi is anticipated to announce this news shortly after its formalization. Further, the Indian ambassador to Singapore said: “For us, the practical implications sitting here is that any worker who wants to transfer small amounts may do so at a fraction of the cost they are being charged by the standard money transfer providers. So, it is going to be a great benefit to people who instead of sending money in one go can do so in smaller amounts and it will still cost less.”
