PM Narendra Modi launches 3 Indian mobile payment apps in Singapore

Prime Minister Narendra Modi launched three Indian mobile payment applications BHIM, RuPay and UPI enabled remittance app of SBI in Singapore aimed at internationalisation of the country’s digital payment platforms. They were launched at ‘Business, Innovation and Community Event’ held in Singapore where digital platform was the main theme.

Key Facts

RuPay digital payments system: It was linked up with Singapore’s 33-year-old Network for Electronic Transfers (NETS). It will enable RuPay users to make payments at all NETS acceptance points across Singapore. Besides, holders of Singapore NETS will be also able to make online purchases on National Payments Corporation of India (NPCI) e-commerce merchant website, using 2.8 million RuPay point-of-sale (PoS) terminals in India. This linkage will help to create multi-billion-dollar transactions as some 5 million Indians who travel to and transit through Singapore.
SBI’s UPI based rupee remittance app: It was also launched at Singapore branch of the SBI. It will help to expand remittance offering. It will help Indian blue-collar workers working in Singapore to send remittance of up to Rs 100,000 in quick, easy and convenient way with the help of Virtual Payment Address (VPA). This service will be available to all savings account holders of SBI Singapore.

Month: Current Affairs - June, 2018