Prime Minister Narendra Modi on May 31, 2018 launched three Indian digital payment systems – RuPay, BHIM app and UPI by SBI at the ‘Business, Innovation and Community Event’ in Singapore. With the launch, India’s RuPay digital payments system was linked up with Singapore’s 33-year old Network for Electronic Transfers (NETS). The move will enable RuPay users to make payments at all of NETS acceptance points across Singapore.
Whereas, 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. The development is significant, as 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.
1. India looks at Sinapore as a gateway to ASEAN and as a bridge between India and Asia.
2. Prime Minister Narendra Modi launched the apps during the first day of his tour in Singapore, which is a part of his three-nation tour of Southeast Asia.
3. This is Modi’s second official visit as the Prime Minister to the island nation.
4. Singapore is also a key partner for India in projects related to smart cities, urban infrastructure and logistics.