Subhechcha Ganguly 
India and Singapore linked their respective online payment systems, Unified Payments Interface (UPI) and Paynow, as a significant contribution to India’s successful digital revolution. Lee Hsien Loong, the prime minister of Singapore, and Prime Minister Narendra Modi virtually attended the inauguration event. The integration of fintech services between Singapore and India would advance technology, according to Prime Minister Modi. It will give people in both countries access to a low-cost real-time platform for remittance transactions.
Using their respective cell phones, Mr. Ravi Menon, Managing Director of the Monetary Authority of Singapore, and Shri Shaktikanta Das, Governor of the Reserve Bank of India, conducted live cross-border transactions. With the two payment systems now connected, locals may send cross-border remittances more quickly and cheaply. Both citizens of the two countries will be able to send money in real-time to friends, coworkers, students, relatives, and migrants by scanning a QR code or by simply inputting the mobile numbers associated with their bank accounts.
Via rapid and inexpensive money transfers from Singapore to India and vice versa, it will also benefit the Indian diaspora in Singapore, particularly migrant workers and students, according to an announcement from the Prime Minister’s Office. India’s digital payment ecosystem has been revolutionised by the Modi government. The UPI architecture has previously been adopted by a large number of nations, including France, Bhutan, the UAE, Oman, the Maldives, and others. About 13 nations have signed Memoranda of Understanding (MoU) with the Indian government to allow UPI payments there.The first nation with which a cross-border P2P payment facility has been introduced is Singapore. Such international connections will assist India in creating a vast acceptance network, enabling quick and trouble-free international money transfers for the Indian diaspora.
