Many experts predict that UPI will soon overtake cash transactions. Now the first UPI transaction starts in Singapore, which is a milestone.
First Published Feb 23, 2023, 5:28 PM IST
New Delhi (February 22, 2023): Prime Minister Narendra Modi has expressed confidence that ‘payment transactions through UPI will soon overtake cash transactions in the country’. Singapore Pay Now and India UPI have signed an agreement for UPI payment so that money can be sent and received instantly to Singapore through UPI apps like Google Pay, Phone Pay, BHIM UPI in India. Through this, UPI business will start with foreign countries for the first time. Prime Minister Narendra Modi initiated this transaction on Tuesday.
Many experts predict that UPI will soon overtake cash transactions. Now the first UPI transaction starts in Singapore, which is a milestone. This allows people of both countries, especially people of Indian origin in Singapore, to transact money using a secure method without worry. “This is the first time that India has launched such person-to-person (P2P) payment services with a foreign country, and that country is Singapore,” he said.
How does UPI work with Singapore? Users can transfer money from Singapore to India as well as from India to Singapore using the UPI app. Money can be transferred using mobile number, UPI ID or Virtual Payment Address (VPA).
First SBI, Indian Overseas Bank, Indian Bank, ICICI Bank customers can send and receive money. Money can be received in Axis Bank and DBS India accounts from Singapore. For customers in Singapore, this service is available at banking institutions such as DBS Singapore and Liquid Group. More banks will be linked over time.
Initially Indian users can send a maximum of Rs 60,000 (₹1,000 in Singapore currency) in a day. During the transaction the app calculates the amount of money in Indian and Singaporean currencies for the convenience of customers.
