As reported by ANI, Prime Minister Narendra Modi, who is currently touring Singapore has announced the launch of three Indian mobile payments app for international remittance in Singapore today.
https://twitter.com/ANI/status/1002419573683965953?ref_src=twsrc%5Etfw
While Prime Minister expressed his gratitude to his Singapore counterpart Lee Hsien Loong for his untiring efforts towards strengthening relations with India, Lee confirmed that the bilateral trade between the countries has more than doubled with Singapore being the second largest investor in India.
At the ‘Business, Innovation and Community Event’ the PM aimed at internationalization of the country’s digital payment platform. 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 the points where NETS will be accepted. The 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.”
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 the digital platform was the main feature.
Singapore branch of the SBI is the first to launch this new mode of remittance in collaboration with National Payment Corporation of India (NPCI).
Addressing a big gathering of Indians the Prime Minister affirmed that his government’s focus is on financial inclusion and the digital revolution has been sweeping across India, improving governance and delivery of public services.
He said digital transactions witnessed 7000 percent growth and 99 percent of households in the country have bank accounts providing dignity and identity to the marginalized sections of the society.
Earlier in the day, Modi inaugurated the India-Singapore Enterprise and Innovation Exhibition at Marina Bay Sands Convention Centre. The Prime Minister also witnessed a dance and yoga presentation.