Aimed at further cementing the global footprints of country’s digital payment platforms, Prime Minister Narendra Modi on 31 May launched three Indian mobile payment apps, including BHIM, RuPay and SBI app in Singapore.
Speaking at a business event titled ‘Business, Innovation and Community’, PM Modi spoke about various technological advances that the country has made in recent time.
“Touching lives of common people through innovation! PM @narendramodi launched three technologies – RuPay, Bhim App and UPI enabled remittance app by State Bank of India, Singapore,” MEA spokesperson Raveesh Kumar tweeted.
Soma Sankara Prasad, SBI country head in Singapore, whose bank currently has six branches across Singapore, besides many Auto Teller Machines (ATMs), further added, “In order to expand our remittance offering, we are launching rupee remittance to India through United Payments Interface (UPI). This is a major step towards the internationalisation of India’s digital payment platform.”
Henceforth, as part of the newly-inked arrangement, the Indian digital platform RuPay payments system is linked up with Singapore’s 33-year-old Network for Electronic Transfers (NETS).
Going by industry experts, the development would yield a major win –win for both nations, as holders of Singapore NETS will now be able to make online purchases on the National Payments Corporation of India (NPCI) e-commerce merchant website, using 2.8 million RuPay point-of-sale terminals in India, thereby, help create multi-billion- dollar transactions as some five million Indians are reported to travel to and transit through Singapore.