Singapore: Prime Minister Narendra Modi on Thursday launched three Indian mobile payment apps in Singapore at a business event aimed at internationalisation of the country's digital payment platform. At the 'Business, Innovation and Community Event' where digital platform was the main feature, PM Modi launched India's BHIM, RuPay and SBI app.
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 of NETS acceptance points across Singapore. 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.
Industry observers said it would create multi-billion dollar transactions as some five million Indians travel to and transit through Singapore, internationalising the 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 Payment Interface (UPI)," SBI country head in Singapore, Soma Sankara Prasad, said today after the launch at the event where 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). "This is a major step towards the internationalisation of India's digital payment platform," Mr 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 Rupees 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. SBI has six branches in Singapore as well as Auto Teller Machines (ATMs). PM Modi today started his tour in Singapore, by visiting the exhibitions centre.
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.