Launch of connectivity feature between UPI, Pay Now a new milestone in India-Singapore ties: PM Modi
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New Delhi: Prime Minister Narendra Modi on Tuesday said the launch of connectivity between India’s Unified Payments Interface (UPI) and Singapore’s ‘Pay Now’ system is a new milestone in the relationship between the two countries. He described UPI as India’s most preferred payment system and cited experts to say that it will soon overtake cash transactions. Modi was speaking at the launch of connectivity between ‘UPI’ and Singapore’s ‘Pay Now’ system in the presence of his Singaporean counterpart Lee Hsien Loong.
Reserve Bank of India Governor Shaktikanta Das and Managing Director of the Monetary Authority of Singapore Ravi Menon launched the facility. Modi said, “Today’s launch has started a new chapter of ‘cross border fintech connectivity’. From today onwards, people in Singapore and India will be able to transfer money from their mobile phones in the same way as they do in their respective countries. would benefit. The Prime Minister said that in the year 2022, 74 billion transactions involving more than Rs 12,6,000 billion have taken place through UPI. He said, “Such a large number of transactions through UPI shows that this indigenously designed payment system is very secure.”
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