[ad_1]
UPI Linkage Singapore Paynow App: If you often make digital payments between India and Singapore, now you will have to pay less for making digital payments between the two countries. It is known that the Central Bank of Singapore said on Monday that the integration of India’s Unified Payment Interface (UPI) and Singapore’s PayNow App will start soon and when this happens The cost of sending money will be reduced by 10 percent.
Information given in G-20 meeting
According to media reports, Sopnendu Mohanty, Chief Fintech Officer of the Monetary Authority of Singapore, gave information about the integration of UPI and Penau at the G-20 meeting held on financial inclusion. He says that “India’s UPI and Singapore’s Penau agreement has been done and it is waiting to be presented.”
Cost will be reduced by 10 percent
Let us tell you that due to the integration between the digital payment networks of the two countries, money can be sent to each other at very competitive rates. This will reduce the surcharge or cost of sending money by up to 10 percent. Mohanty said that at present one billion Singapore dollars are sent from Singapore to India, while an amount of 20-300 million Singapore dollars is sent from India to Singapore. It is expected that apart from India, there will be integration of digital payment network with Malaysia as well. Singapore already has such a tie-up with Indonesia’s PROMPE.
matter of giving code
On this occasion, Managing Director and Chief Executive Officer (CEO) of National Payments Corporation of India (NPCI) Dilip Asbe says that India is ready to give UPI’s technology and code for free to other countries to help them create digital payment infrastructure. Is. He said that a bigger challenge than legal and cost constraints is the rules related to sharing of details.
read this also- CNG Rate Hike: Adani’s company increased the price of CNG, know now how much it will cost 1 kg of gas
[ad_2]
Source link