Now UPI coin will also run abroad, know how to use UPI-PayNow?
UPI-PayNow PM Modi: Singapore is one of the top-4 markets in the world for India, where a lot of Indians live। Now the government of both countries has introduced UPI-Penau। Let us know what we will benefit from this and how it will be possible to use it
How to Use UPI-PayNow: The world of India’s payment ecosystem has become a fan। Today his example was also seen। PM Modi and Singapore PM Lee Sean Loong linked the online payment systems UPI and Penau of the two countries via video conferencing, named UPI-PayNow। Now Indians will be able to transact easily through UPI in Singapore too। The central government is working at a very fast pace to strengthen the country’s payment ecosystem। The government plans to implement it in other countries as well। This feature will easily work in Google Pay, Phone Pay, Paytm and Baki’s digital payments app being used in India। Just need to do some urgent step fall for him। In today’s story we will learn about the same process। Before that they know what UPI and Pay Now are?
How much difference between UPI and PayNow?
The UPI or Unified Payments interface is an instant payment service, which transfers payments from one account to another in a few seconds via a mobile number। It was developed by the Indian National Payments Corporation ( NPCI), which eliminates the risk of sharing bank account statements through the creation of a virtual payment address ( VPA)। It supports both person-to-person ( P2P) and person-to-merchant ( P2M) payments। Like UPI, PayNow has service in Singapore। Users send and receive sums from one bank or e-wallet account to another account with a mobile number। This peer-to-peer payment linkage works through participating banks and non-bank financial institutions ( NFI ) in the country
How will linkage between UPI-PayNow work?
- It will transfer the payment from one account to another through mobile number, which will be between India and Singapore.
- People from both countries will be able to send payments in real time by entering a QR-code based or mobile number linked to a bank account only.
- For this, you do not have to enable any special option। If you have the QR code or number of a user in Penau, you will be able to send the payment.
Singapore is one of the top-4 markets in the world for India, where a lot of Indians live। RBI said that linkage would prove to be a milestone in the development of Next Gen’s infrastructure for cross-border payments between India and Singapore। This will follow the G20’s financial inclusion priorities of running faster and more transparent cross-border payments
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