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LUCKNOW: The Monetary Authority of Singapore (MAS) has integrated India’s Unified Payment Interface (UPI) with its equivalent network in Singapore, known as PayNow to facilitate seamless cross-border transfers, said Minister for Electronics and Information Technology and Communications, Ashwini Vaishnaw at G20 conference in Lucknow.
It’s claimed that remittance cost will reduce by 10 per cent now. As of now, remittance to India is at least 1 billion Singapore Dollars and India to Singapore will be 200-300 million.
“Singapore has completely integrated UPI and other countries are working on an urgent basis to integrate their payment system with UPI. Most important in UPI is trust—the entire payment system is based on privacy protection and the government does not completely own the system. National Payment Corporation of India (NPCI) is a company in which both the government and other stakeholders have share holding.”
“The developed countries like Canada, Japan, Mexico have shown interest in UPI model. In fact US Federal Reserve has done evaluation of UPI,” said the minister.
In 2019, Mark Isakowitz, Vice President, Government Affairs and Public Policy, US and Canada at Google wrote US Fed to follow India’s UPI example and build ‘FedNow’.
In Q3 2022, UPI clocked over 19.65 billion transactions in volume and Rs 32.5 trillion in terms of value. Its transactions volume and value almost doubled since 2021, as it recorded about an 88% increase in volume and over 71% increase in value in Q3 2022 as compared to Q3 2021. In September 2022, the UPI ecosystem included 358 banks.
After Singapore, similar interoperability will also happen with Dubai (UAE) and Malaysia and a few other countries soon, claimed an official.
According to the official, “Apart from the cost barrier for adoption and legal hurdles in UPI, data-sharing regulations between countries are greater than technology challenges.”
It’s claimed that remittance cost will reduce by 10 per cent now. As of now, remittance to India is at least 1 billion Singapore Dollars and India to Singapore will be 200-300 million.
“Singapore has completely integrated UPI and other countries are working on an urgent basis to integrate their payment system with UPI. Most important in UPI is trust—the entire payment system is based on privacy protection and the government does not completely own the system. National Payment Corporation of India (NPCI) is a company in which both the government and other stakeholders have share holding.”
“The developed countries like Canada, Japan, Mexico have shown interest in UPI model. In fact US Federal Reserve has done evaluation of UPI,” said the minister.
In 2019, Mark Isakowitz, Vice President, Government Affairs and Public Policy, US and Canada at Google wrote US Fed to follow India’s UPI example and build ‘FedNow’.
In Q3 2022, UPI clocked over 19.65 billion transactions in volume and Rs 32.5 trillion in terms of value. Its transactions volume and value almost doubled since 2021, as it recorded about an 88% increase in volume and over 71% increase in value in Q3 2022 as compared to Q3 2021. In September 2022, the UPI ecosystem included 358 banks.
After Singapore, similar interoperability will also happen with Dubai (UAE) and Malaysia and a few other countries soon, claimed an official.
According to the official, “Apart from the cost barrier for adoption and legal hurdles in UPI, data-sharing regulations between countries are greater than technology challenges.”
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