PM Modi launches cross-border connectivity between the UPI and PayNow of Singapore
Prime Minister Narendra Modi today expressed hope that digital transactions will soon surpass cash, as Unified Payments Interface (UPI) is increasingly becoming the most preferred payment mechanism in the country.
PM Modi after the launch of the cross-border connectivity between the UPI and PayNow of Singapore said about 74 billion transactions amounting to more than ₹ 126 trillion, which is approximately 2 trillion Singapore dollar, was done through UPI in 2022.
“Many experts are estimating that very soon India’s digital wallet transactions are going to overtake cash transactions,” he said.
A large number of transactions via UPI demonstrate that this indigenously designed payment system is very secure, he said.
PM Modi along with his Singaporean counterpart Lee Hsien Loong witnessed the launch of cross-border connectivity between the UPI and PayNow of Singapore via video conferencing.
The facility was launched through token transactions by Reserve Bank of India Governor, Shaktikanta Das and Managing Director of Monetary Authority of Singapore Ravi Menon using the UPI-PayNow linkage.