India launches three digital payment apps in Singapore
India has introduced three new mobile payments apps in Singapore in a bid to support the internationalisation of its domestic payments
Launched by Indian Prime Minister Narendra Modi at a business summit, the three apps are India’s Bharat Interface for Money (BHIM), RuPay and State Bank of India’s (SBI) payment app.
Furthermore, the RuPay digital payments system was connected with Singapore’s Network for Electronic Transfers (NETS) marking the latter’s partnership with India’s National Payment Corporation of India (NPCI).
The collaboration will enable RuPay users to make payments at all of NETS acceptance points in Singapore, while the users of Singapore NETS can make online purchases on any NPCI merchant websites in India utilising RuPay point of sale terminals, reported PTI.
With a large Indian diaspora complemented with Indian tourists in Singapore, this collaboration is expected to facilitate multi-billion dollar transactions supporting the internationalisation of RuPay app.
Besides the RuPay app, a new remittance app was introduced at SBI’s branch in Singapore branch.
The app is expected to be beneficial to the Indian workers employed in Singapore for sending money back home.
All remittances up to INR100,000 will be disbursed swiftly using Virtual Payment Address (VPA).
The savings account holders of SBI Singapore can avail this service.