Indian Prime Minister Narendra Modi and Prime Minister Lee Hsien Loong signs MOU on new payment apps partnership with NETS.
(Photo Credit: Straits Times)
Prime Minister Narendra Modi launched 3 Indian mobile payment apps in Singapore at a business event aimed at internationalisation of the India’s digital payment platforms on 31st May 2018. At the ‘Stepping into the future’, where digital platform was the main theme focusing on driving Singapore & India into a smart nation with cashless mobile payment, PM Modi launched India’s BHIM, RuPay and State Bank of India (SBI) Apps.
RuPay digital payment system will linked up with NETS to enable QR payment across NETS QR accept points all over Singapore, while Singaporeans will be able to make eNETS payment transaction on India’s National Payments Corporation of India (NPCI) e-commerce merchant website. This is 1st stage of a MOU signed by PM Modi and PM Lee Hsien Loong in FinTech cooperation between Singapore and India.
The MOU includes other future development in bringing Singapore and India a step closer in becoming a cashless smart nation, which includes allowing all NETS issued cards to be accepted by RuPay merchant in India and vise versa. The MOU also include plans on allowing BHIM app payment to be accepted by NETS merchants using NETS QR, which is part of SG QR that integrates different QR code payment in Singapore.
Also, a new app-based rupee remittance mode of the SBI’s Singapore branch was launched at the event.
This remittance service to India will be through United Payment Interface (UPI), an instant real-time payment system developed by India’s NPCI, bringing convenience to Indian blue-collar workers in Singapore. They can simple use the app to send money through their SBI saving account to India.