Prime Minister Narendra Modi on Tuesday expressed hope that digital transactions will soon surpass cash with Unified Payments Interface (UPI) increasingly becoming the most preferred payment mechanism in the country. Modi after the launch of the cross-border connectivity between the UPI and PayNow of Singapore said about 74 billion transactions amounting to more than Rs 126 trillion, which is approximately 2 trillion Singapore dollar, was done through UPI in 2022.
\u201cMany experts are estimating that very soon India\u2019s digital wallet transactions are going to overtake cash transactions,\u201d he said.
A large number of transactions via UPI demonstrate that this indigenously designed payment system is very secure, he said.
Modi along with his Singaporean counterpart Lee Hsien Loong witnessed the launch of cross-border connectivity between UPI and PayNow via video conferencing.
The facility was launched through token transactions by Reserve Bank of India Governor Shaktikanta Das and Managing Director of Monetary Authority of Singapore Ravi Menon using the UPI-PayNow linkage.
Modi in a tweet said, \u201cToday is a special day for India-Singapore friendship and for our efforts to deepen collaboration in FinTech and innovation. The participation of my friend, PM @leehsienloong made this morning\u2019s programme even more special.\u201d
Prime Minister Lee said the idea of linking PayNow and UPI was first conceived in 2018, when Modi visited Singapore.
\u201cSince then, our two central banks have been working on this in earnest. Digital connectivity was also a key topic discussed at the inaugural India-Singapore Ministerial Roundtable (ISMR), which was held in New Delhi last September. So I am very glad that the PayNow-UPI linkage has now become a reality,\u201d Lee explained.
\u201cAs we progressively add more users and use cases, the PayNow-UPI linkage will grow in utility, and contribute more to facilitating our trade and our people-to-people links,\u201d Lee said.
Cross-border retail payments and remittances between Singapore and India amount to over USD 1 billion annually.
\u201cI hope this strong partnership between Singapore and India will continue to spawn innovative technology solutions and create more cross-border opportunities for our digital economies,\u201d Lee said.
Stressing that the linkage of UPI and PayNow is a new milestone in India-Singapore relations, Modi said, this will help people of both the countries to do cross-border transactions through mobile phone in an affordable manner.
Singapore is the first country with which cross-border Person-to-Person (P2P) payment facility has been launched, he said, adding, this will help the Indian diaspora in Singapore, especially migrant workers\/students and bring the benefits of digitalisation and fintech to the common man.<\/p>\n","protected":false},"excerpt":{"rendered":"
Prime Minister Narendra Modi on Tuesday expressed hope that digital transactions will soon surpass cash with Unified Payments Interface (UPI) increasingly becoming the most preferred payment mechanism in the country. Modi after the launch of the cross-border connectivity between the UPI and PayNow of Singapore said about 74 billion transactions amounting to more than Rs […]<\/p>\n","protected":false},"author":4,"featured_media":329790,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[667],"tags":[],"class_list":["post-329727","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"_links":{"self":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts\/329727","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/comments?post=329727"}],"version-history":[{"count":0,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts\/329727\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/media\/329790"}],"wp:attachment":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/media?parent=329727"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/categories?post=329727"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/tags?post=329727"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}