State Bank of India launches BHIM SBIPay app for real-time cross-border transfers.
State Bank of India, the largest public sector bank in India, has launched a mobile application called BHIM SBIPay for its customers, enabling them to transfer funds from India to Singapore in real-time. This development comes after the recent linking of India's Unified Payments Interface (UPI) and Singapore's PayNow under the UPI-PayNow Linkage. Through this link, customers of SBI can easily transfer money from India to Singapore using UPI. On Tuesday, Indian Prime Minister Narendra Modi and Singaporean Prime Minister Lee Hsien Loong connected via video conferencing to launch the UPI-PayNow link. The following day, SBI launched its BHIM SBIPay Mobile Application.
With the launch of BHIM SBIPay, SBI customers can now easily transfer cross-border funds between India and Singapore through their mobile number. The bank claims that this UPI-PayNow link will be a milestone in making cross-border fund transfers cheaper and quicker for people.
Dinesh Khara, SBI Chairman, expressed his delight in launching the BHIM SBIPay system and being the first bank to do so. He credited the digitization efforts of the Indian government, stating that SBI is now able to provide cross-border payment facilities easily to its users.
On February 21, PM Modi praised the linking of UPI and PayNow, calling it an occasion of congratulations for both countries, which will strengthen their relations further. The citizens of both countries can now easily transfer money, which is a historic achievement in the field of digital payment. PM Lee Hsien Loong emphasized that cross-border remittances between the two countries exceed one billion, and the UPI-PayNow link will make transactions easier, further strengthening the relationship between the two countries.
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