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India, Singapore to Accept Each Other's Domestic Card Payment Networks

CC BY 2.0 / Sudipto Sarkar / Rupee coins laying on one hundred rupee banknote
Rupee coins laying on one hundred rupee banknote - Sputnik India, 1920, 09.01.2023
India has recently turned to RuPay and the Unified Payments Interface (UPI) as a means of internationalizing its national currency, the rupee.
The Monetary Authority of Singapore announced on Monday that the integration of India's Unified Payment Interface (UPI) with Singapore's PayNow network is imminent, which is expected to reduce remittance costs by 10 percent.

"Integration of UPI and Singapore's PayNow with India is ready and waiting for launch," Sopnendu Mohanty, the chief fintech officer at Singapore's central bank, said at the G20 meeting in Kolkata.

The interoperability of the two digital payment systems will allow for seamless remittances between the two countries at a competitive rate.
New Delhi has also been involved in discussions with several other countries to establish similar interoperability in the near future.
The National Payment Corporation of India (NPCI), a specialized division of the Reserve Bank of India, has offered to provide UPI technologies and codes free of cost to help countries build their own digital payment infrastructure.
NPCI is collaborating with several countries such as the UK, the UAE, and Saudi Arabia to build payment ecosystems, including person-to-person, person-to-merchant, and cross-border payments.
UPI instantly authenticates and authorizes money transfers and facilitates direct bank-to-bank transactions without charging any transaction fee from customers or merchants.
Indians overseas remitted $87 billion in 2021, the biggest inflow for any country tracked by the World Bank. It is estimated that the amount will reach $100 billion this year.