s’pore-india upi, Explainer: What is special in Singapore-India UPI, how will it work, here you will get complete information – how s’pore-india upi works know all details here
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People of both countries will get these benefits
People of both India and Singapore will get many benefits due to integration of payment systems. The biggest advantage of this will be that cross border remittances will be able to transfer money immediately and at a cheaper rate. Indians living in Singapore will benefit the most, especially migrant workers and students. Migrant workers will now be able to send remittance money to India faster and at cheaper rates through UPI and Penao, while Indian students studying in Singapore and their parents will also be able to transfer money to Singapore through UPI. NRI will get the second benefit of this. Till now NRIs were not able to make payments through UPI. Now those living abroad or NRIs will also be able to make payments. For this, they have to link NRE or NRO account with International SIM. After this he will easily be able to make payment through UPI. National Payment Corporation of India (NPCI) is engaged in promoting UPI transactions in other countries.
India-Singapore relations will be strong
While launching the Real-time Payment Systems Linkage between India and Singapore, Prime Minister Narendra Modi said that today UPI has become the most preferred payment system in India. He said that the integration of Unified Payments Interface (UPI) and Singapore’s ‘Pay Now’ is a new milestone for India-Singapore relations. This will strengthen the ties between the two countries. PM Modi had told that now people of Singapore and India will be able to transfer money from their mobile phones in the same way as they do in their respective countries.
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Account holders of which banks will be able to send and receive Rs.
Account holders of ICICI Bank, Indian Bank, Indian Overseas Bank and State Bank of India will be able to send and receive money. At the same time, customers of Axis Bank and DBS will be able to receive funds.
what apps will work
Customers can use Axis Pay, Digibank, ICICI iMobile, Indosys, BHIM IOB Pay and BHIM SBI Pay apps for transactions. At the same time, transactions can also be done through net banking and app of ICICI Bank, IOB Indian Bank and SBI.
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What is the transaction limit?
At present, the daily limit of transactions is 60 thousand rupees (about one thousand Singapore dollars). Right now only this amount can be sent through UPI-Pay Now. At the same time, this limit will also be increased further in the coming time.
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