After the successful launch of the cross-border connectivity of real-time digital payment with Singapore last week, experts believe that India's UPI likely to extend to UAE, Mauritius, Indonesia.
'It is a matter of pride that India's world-class UPI digital payment infrastructure has gone global and will make it easier for Indian users to conduct business abroad. As a result of Singapore's move, other nations like the UAE, Mauritius, and Indonesia will likely follow suit, enabling seamless real-time financial transfers," said Mehul Mistry- Global Head- Strategy, Digital Financial Services & Partnership, Wibmo - A PayU Company.
Singapore is the first country with which a cross-border Person-to-Person (P2P) payment facility has been launched.
It will be possible for the Indian diaspora to scan QR codes across borders and conduct rapid and affordable transactions. This initiative is commendable and will serve as a model for other nations seeking to utilize technological advancements to facilitate smooth cross-border commerce, added Mehul Mistry.
On 21st February, Singapore Prime Minister Lee Hsien Loong said the linkage between India’s Unified Payments Interface (UPI) and Singapore’s PayNow will allow people in the two countries to undertake faster and cost-efficient digital transfers, and exuded hope that this "strong partnership" will continue to spawn innovative technology solutions.
"The PayNow-UPI linkage will offer cheaper, faster, and safer cross-border retail payments and remittances, for businesses and individuals alike, directly between bank accounts or e-wallets," Singapore's Prime Minister's Office said in a statement.
The PayNow-UPI linkage is the world’s first real-time payment systems linkage to use a scalable cloud-based infrastructure which can accommodate future increases in the volume of remittance traffic, according to a MAS release.
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