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PM Narendra Modi launches BHIM, RuPay and SBI digital payment apps !!

   By:   TWINKLE VARSHNEY | TECH TALK
Prime Minister Narendra Modi on Thursday launched three mobile payment applications from India in Singapore at a business event aimed at the internationalization of the country's digital payment platform.

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In the 'Business, innovation and community event', where the digital platform was the main feature, PM Modi launched the Indian application BHIM, RuPay and SBI. India's RuPay digital payment system was linked to the 33-year Electronic Transfers Network (NETS) in Singapore. RuPay users will be able to make payments at all NETS acceptance points throughout Singapore.

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Holders of Singapore NETS will be able to make purchases online at any e-commerce website of the National Payments Corporation of India (PNCI) in India, using 2.8 million RuPay point of sale terminals in India. Industry watchers said they would create multi-billion dollar transactions when some five million Indians travel and transit through Singapore, internationalizing RuPay from the first cross-border use.

In addition, a new way of sending rupees based on the application of the SBI branch in Singapore was launched at the event.

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"To expand our remittance offerings, we are launching remittances of rupees to India through the United Payment Interface (UPI)," SBI head in Singapore Soma Sankara Prasad said after the launch at the event where the digital platform was the main feature.

The Singapore branch of SBI is the first to launch this new mode of sending remittances in collaboration with the National Payment Corporation of India (NPCI).
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"This is a big step towards the internationalization of India's digital payments platform," said Prasad. It will be more convenient for Indian manual workers to use the application to send money home from their dorms at work sites, he said.

The remittance of up to 100,000 Rupees will be done quickly, easily and conveniently with the help of Virtual Payment Address (VPA). This service will be available to all holders of SBI Singapore savings accounts.
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SBI has six branches in Singapore, as well as ATM machines. PM Modi began his tour in Singapore on Thursday, visiting the exhibition center. The India-Singapore Business and Innovative Exhibitions at the Marina Bay Sands Convention Center exhibited innovation in cutting-edge technologies, including artificial intelligence, advanced technology and innovation for social impact. The exhibition was presented jointly by Indian and Singaporean companies.

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