India-Singapore launches 'real-time link' for cross-border transactions

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India-Singapore launches 'real-time link' for cross-border transactions

India-Singapore launches 'real-time link' for cross-border transactions
India and Singapore to Enable Real-Time Responsive Links to facilitate cross-border transactions among the world's largest money transfer recipients and financial superpowers in Asia


Reuters Reporting from Mumbai. India on Feb. 22 that at the moment money transfers can be done using only a mobileสล็อตxophone. Because it is a combination of India's Unified Payments Interface (UPI) system and Singapore facilities. Arranging such cross-border money transfers can reduce the cost of payments.

“This will allow people from both countries to transfer money instantly. and cost less just using their mobile phone Such links will help migrant workers, professionals, students and their families,” Indian Prime Minister Narendra Modi said at the launch of the online service.

 

UPI is an instant real-time payment system. This allows users to transfer money across multiple banks without revealing their bank account details. Similarly, "PayNow", a Singapore service used to transfer and receive Singapore dollars between banks using a mobile phone number.


The Reserve Bank of India (RBI) released a statement saying: at the beginning Some banks in India and Singapore will offer the above services. and facilitating both inbound and outbound money transfers In which Indian users can transfer up to 60,000 INR per day (about 25,000 baht).

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