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Singapore Using UPI: Every year a large number of people from India go abroad for jobs and studies. Many people go to Singapore in this. In such a situation, now there is great news for the migrant laborers living in Singapore. Now the exchange of money between India and Singapore is going to be very easy. India’s UPI and Singapore’s Pay Now (UPI-PayNow) are going to make the process of money transfer between the two countries very easy. The biggest benefit of this is going to be to the migrant laborers. It is worth noting that every year a large number of migrant laborers and middle class class from India go to Singapore every year for jobs. In such a situation, it will be very easy for them to send money to their homes.
facility will start soon
Let us tell you that the Reserve Bank of India and the Central Bank of Singapore Monetary Authority of Singapore (MAS) are working very loudly to connect the Unified Payment Interface and PayNow. In such a situation, now it will be very easy to transfer money between the two countries. Giving information about this, Indian High Commissioner to Singapore P Kumaran said that both the countries want to connect their payment systems UPI and PayNow as soon as possible. In such a situation, work is going on fast on this project and it will also be completed in the next few months. He further said that after the introduction of this technology, now any person sitting in Singapore will be able to easily transfer money to the account of his family sitting in India only through UPI. Indian High Commissioner expressed the hope that this new project will be started by the Prime Minister of India. Narendra Modi can do it yourself.
Soon money transfers between India-Singapore using UPI: Indian envoy
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— ANI Digital (@ani_digital) November 11, 2022
who will benefit
Indian High Commissioner P Kumaran further said that the benefit of this new facility will be the most for the poor and middle class people who send a small amount every month to their family. Now they can transfer money in small pieces instead of transferring large amounts at once. Transferring money through UPI will also make people cheaper. Let us tell you that Singapore’s PayNow works like India’s domestic money transfer network RuPay. Along with this PayNow is also working on UPI technology with a group of other ASEAN countries. In such a situation, apart from Singapore, it will now be easier to send money to India from countries like Philippines, Malaysia, Thailand.
Significantly, ASEAN is a group of 10 countries like Brunei, Cambodia, Philippines, Singapore, Thailand, Indonesia, Laos, Malaysia, Myanmar and Vietnam. In such a situation, after the partnership between UPI and PayNow, now India’s UPI system will be valid in these 10 countries as well. In such a situation, it will be very convenient for Indians working abroad who send money to their families every year.
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