Yesterday in a major development between 2 countries (India and Singapore), Unified Payments Interface and PayNow have been linked and thus it is one of the cross-border linkages. UPI is one of the best things that happened in India where you can transfer money through mobile numbers instantly with zero fees and it is widely used in India. From the payment of Rs 1 to Rs 100K, people are using the UPI day in and day out.
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UPI or Unified Payment Interface enables individuals to do quick payments and thus you can transfer money from their mobile phone. It includes your bank account, mobile number and virtual payment address. Since the virtual payment address or mobile number is shared to transfer the money, sharing the bank account number is eliminated fully. Similarly, PayNow is Singapore's counterpart. In Singapore also, with just your mobile phone you can transfer funds between two accounts.
Now with the linkage of UPI and PayNow, someone can transfer money from India to Singapore or vice versa using just a mobile phone number. This is great for a number of Indians working in Singapore as thus they can transfer money instantly using their mobile number. Also, it's good for travellers because then they do not have to carry a lot of cash with them. It will also decrease the fees which people used to incur while sending money.
This will also be beneficial for a lot of students because now they can get the money as and when required and no need to ask for it beforehand. And now with this linkage, I really want to go for a Holiday in Singapore.
This will be beneficial in the Crypto world too. now I can sell my crypto to someone in Singapore and thus they can transfer the equivalent amount of money to my bank just through the mobile bank number.
Posted Using LeoFinance Beta
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