Modi launches three Indian payment apps in Singapore
Launches BHIM, RuPay and SBI app
Prime Minister Narendra Modi today launched three Indian mobile payment apps in Singapore at a business event aimed at internationalisation of the country’s digital payment platform. At the ‘Business, Innovation and Community Event’ here where digital platform was the main feature, Modi launched India’s BHIM, RuPay and SBI app.
India’s RuPay digital payments system was linked up with Singapore’s 33-year old Network for Electronic Transfers (NETS). RuPay users will be able to make payments at all of NETS acceptance points across Singapore. Holders of Singapore NETS will be able to make online purchase on any National Payment Corporation of India (NPCI) e-commerce merchant website in India, using 2.8 million RuPay point of sale terminals in India.
Industry observers said it would create multi-billion dollar transactions as some five million Indians travel to and transit through Singapore, internationalising the RuPay beginning with the first cross border usage.
Also, a new app-based rupee remittance mode of the SBI’s Singapore branch was launched at the event. “In order to expand our remittance offering, we are launching rupee remittance to India through United Payment Interface (UPI),” SBI country head in Singapore, Soma Sankara Prasad, said today after the launch at the event where digital platform was the main feature.
The Hindu BusinessLine
SINGAPORE, MAY 31
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