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Online payment made easy between India and Singapore, UPI linked to PayNow of Singapore

A growing number of people are using India’s UPI due to its simplicity and quick payment processing. On Tuesday, PayNow in Singapore and the Unified Payments Interface (UPI) in India began transnational communication.

Singapore’s PM Hsin Loong and Indian Prime Minister Narendra Modi participated in a video conference to see the launch.

In a first, India links online payment systems for seamless cross-border transactions with Singapore

Read @ANI Story | https://t.co/OvMgaPGfbM #RBI #MAS #UPI #PayNow #UnifiedPaymentsInterface #NarendraModi #LeeHsienLoong #India #Singapore #IndiaSingapore #Fintech pic.twitter.com/iFXVve0HqS
— ANI Digital (@ani_digital) February 21, 2023

The facility was introduced by Ravi Menon, Managing Director of the Monetary Authority of Singapore, and Shaktikanta Das, Governor of the Reserve Bank of India (RBI) (MAS).

Prime Minister Narendra Modi stated that the opening of the UPI-PayNow connectivity (between Singapore and India), which had been widely anticipated, was a gift for the people of both nations. I congratulate the citizens of Singapore and India on this.

Finance Ministry clarifies on discussion about charging UPI transactions, there is no charge for UPI transactions as of now

UPI Payment Charges: According to the Finance Ministry, the United Payment Interface (UPI) is a valuable digital utility for the public, and the government has no plans to charge for it. As a result of this ministry statement, the RBI has eased concerns regarding fees in the payments system raised in its discussion paper. The discussion paper makes the suggestion that fees could be applied to various UPI payment amount categories. There are no fees for UPI transactions as of right now.

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Finance Ministry clarified

In a tweet, the Finance Ministry stated that UPI is a helpful service for the public that offers tremendous convenience to the public and boosts economic production. The government has no plans to charge users for using UPI services. The concerns of the service providers will need to be addressed in other ways in order to recoup the costs.

The government is giving incentives

This information was also provided by Nirmala Sitharaman, to which Prime Minister Narendra Modi responded, “This is a superb accomplishment.” Indians will embrace modern technology and create a clean economy if they embrace modern technology as a whole. Digital payments were extremely helpful during the COVID-19 pandemic.

Let us inform you that UPI transactions are booming across the nation. People are using UPI more frequently than they are using money and credit cards. As a result, 6 billion UPI transactions were made in just a month of July. This information was provided directly by Prime Minister Narendra Modi. The Prime Minister praised UPI and noted that 6 billion transactions were completed through it in July, the most since 2016. In other words, UPI surpassed its previous record for the year 2016 in July and reached a new peak.

UPI payments can now also be made with credit cards, subscription payment limits have been raised

Credit Card UPI Payment – The Reserve Bank of India announced big news for millions of users of UPI for online payments and digital transactions. From now on, UPI payments can be made not only from Savings Accounts and Current Accounts but also from Credit Cards. This facility will be launched soon by the Reserve Bank.

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UPI payments will be made using RuPay cards

Following the Monetary Policy Committee meeting in June (2022), RBI Governor Shaktikanta Das shared this information. In order to promote digital transactions, the Reserve Bank plans to offer UPI payments through credit cards.

With RuPay Credit Card, it will be introduced. Other gateways, such as Mastercard and Visa, can also be used to accept credit cards. These changes will make it easier for people who, when needed, withdraw cash from their credit cards or transfer money from them to their banks. In both situations, people are required to pay additional fees and taxes.

Paying this amount can now be done online via e-mandate

Additionally, the Reserve Bank has simplified the process of paying for subscriptions. Whatever the case, whether it was paying for a subscription to an OTT platform, gas bills, or mobile phone bills … RBI mandated electronic mandates for recurring payments of this type.

With the e-mandate now mandatory, the Reserve Bank has set a limit on such transactions. The limit has now been increased three times. Previously, there was a limit of Rs 5000 on this type of transaction. The e-mandate facility is now available for transactions up to Rs 15,000 in value. RBI Governor Das stated that both of these steps are aimed at promoting the digital economy.

Using a credit card to pay with UPI

With the Reserve Bank’s new facility, it is no longer necessary to swipe a credit card when paying. UPI must first be linked to the credit card. After that, the QR code can be scanned to pay directly. The payment process will allow you to choose either a credit card or a debit card. You will receive an OTP on your registered mobile number as soon as you make a payment using the UPI app. You will receive the payment once you provide the OTP.