Send Money to Singapore with Ease: PayTM, PhonePe, and Google Pay Make it Possible for Indians
Cross-border digital payments made easy: Users in both countries can now make merchant payments with Scan QR services
22 February 2023
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Jayashri Ghorpade
Starting February 21, a partnership between UPI and PayNow of Singapore will allow residents of Singapore and India to instantly transfer money to each other.
This will be done using the Unified Payments Interface and PayNow, resulting in fast and low-cost fund transfers.
This move will benefit the 6.5 lakh Indians residing in Singapore as they can make instant payment and low-cost money transfer to India.
Starting February 21, a partnership between UPI and PayNow of Singapore will allow residents of Singapore and India to instantly transfer money to each other via the Unified Payments Interface and PayNow, resulting in fast and low-cost fund transfers.
On Tuesday, the launch of the link-up was led by the Reserve Bank of India governor, Shaktikanta Das and the Managing Director of the Monetary Authority of Singapore, Ravi Menon, in the presence of both the Prime Ministers, Narendra Modi and Singapore Prime Minister.
With the introduction of UPI virtual payment address, users in Singapore are now able to directly transfer money to India, and from India to Singapore using a mobile phone number. This update allows Indians to use digital payment systems like Google Pay, PayTM, PhonePe, and more for users in Singapore, whereas Singaporeans can transfer money to their families in India via PayNow and save around 10% on bank fees for money transfers. Additionally, users from both countries can now make payments to merchants using Scan QR services.
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This move will benefit the 6.5 lakh Indians residing in Singapore as they can make instant payment and low-cost money transfer to India.
India has already signed 13 memoranda of understanding to adopt UPI for digital payments, and there will be more such models to make cross-border payments as easy as local payments. PhonePe announced earlier this month the launch of 'UPI International', becoming the first fintech app to incorporate UPI payments in different countries. Users in UAE, Singapore, Mauritius, Nepal, and Bhutan will now be able to make foreign merchant payments using PhonePe. Payment through UPI International will be deducted from users' accounts and received in the recipient's account in the local currency.
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