Singapore sources added that Prime Minister Narendra Modi on Thursday had launched three Indian mobile payment apps in Singapore at a business event aimed at internationalization of the country's digital payment platform. Meanwhile at the 'Business, Innovation and Community Event' where digital platform was the main feature, PM Modi launched India's BHIM, RuPay and SBI app.
As per report India's RuPay digital payments system was linked up with Singapore's 33-year old Network for Electronic Transfers (NETS). Accordingly RuPay users will be able to make payments at all of NETS acceptance points across Singapore. Meanwhile the 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.
Furthermore the industry observers said it
would create multi-billion dollar transactions as some five million Indians
travel to and transit through Singapore, internationalizing the RuPay beginning
with the first cross border usage. Moreover the remittance of up to Rupees
100,000 will be made quick, easy and convenient with the help of Virtual
Payment Address (VPA). Media report added this service will be available to all
savings account holders of SBI Singapore. SBI has six branches in Singapore as
well as Auto Teller Machines (ATMs).
