The UPI service is scheduled to launch soon. The Reserve Bank of India and the Monetary Authority of Singapore are trying to make it possible.
Unified Payments Interface (UPI)-based money transfers between India and Singapore will shortly begin, and technical work to connect UPI and PayNow has been finished. ANI reported that the action is intended to help migratory labor.
“Singapore wants to connect its PayNow with UPI and that project will finish sometime in the next few months when that happens anybody sitting in Singapore will be able to send money to their family members in India," India’s High Commissioner in Singapore P Kumaran said, according to news agency ANI.
Kumaran added that most Indian tourists who come here do not have a RuPay card and even if they have one they don’t have a Domestic RuPay card which makes it a lot more complicated. “So in future, we see a lot of people leaning to digitalization not carrying a lot of cash, not dependent on international credit cards which have very high fees," the report quoted the Indian High Commissioner as saying.
“Innovations in technology have changed the Indian payment system. Over the years, the Indian cash-lead economy now has changed to a smartphone-lead payment economy. A lower currency in circulation also is akin to a CRR cut for the banking system, as it results in less leakage of deposits and it will impact monetary transmission positively,” according to SBI Ecowrap.
As per the retail digital transactions data, in value terms, NEFT enjoys a 55% market share, and the majority of transactions are completed at branches or online.
The overall value of transactions made via UPI in October increased by more than Rs. 12.11 lakh crore, or 7.7 percent, to 730 crores. There was 678 billion UPI-driven digital transactions worth Rs. 11.16 lakh crore in September.
In October, the number of instant interbank fund transfers through IMPS (Immediate Payment Service) stood at 48.25 crores and the value was at Rs 4.66 lakh crore. It was higher in terms of transactions by 4.3 percent compared to September.
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