Prime Minister Narendra Modi today launched three Indian mobile payment apps in Singapore at a business event here aimed at internationalisation of the country’s digital payment platforms.
At the ‘Business, Innovation and Community Event’ here where the digital platform was the main theme, Modi launched India’s BHIM, RuPay, and SBI app.
The 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 NETS acceptance points across Singapore.
Holders of Singapore NETS will 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.
Industry observers said it would create multi-billion- dollar transactions as some five million Indians travel to and transit through Singapore, internationalising 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 Payments Interface (UPI),” SBI country head in Singapore, Soma Sankara Prasad, said today after the launch at the event where a digital platform was the main feature.
Singapore branch of the SBI is the first to launch this new mode of remittance in collaboration with NPCI.
“This is a major step towards the internationalisation of India’s digital payment platform,” Prasad said.
It will be most convenient for Indian blue-collar workers here to use the app for sending money home from their dormitories at work sites, he said.
Remittance of up to Rs 100,000 will be made quick, easy and convenient with the help of Virtual Payment Address (VPA). This service will be available to all savings account holders of SBI Singapore.
The India-Singapore Enterprise and Innovation Exhibitions at the Marina Bay Sands Convention Centre showcased innovation in frontier technologies, including artificial intelligence, fin-tech, and innovation for social impact.
The exhibition was put up jointly by Indian and Singaporean companies.