EkaLore has previously released our notes and analysis on Dynamic India applications of advances attained in domestic markets, that provide a competitive advantage in global marketspaces. This release extends EkaLore’s look at the money transfer and payments marketspace.
The Indian and Singapore Governments have jointly announced a connection between Singapore’s PayNow and India’s Unified Payments Interface (UPI). The connection will enable real-time money transfers and transactional payments using Indian Rupees and Singapore Dollars. Individuals and businesses can execute inexpensive mobile transactions between bank accounts or digital wallets representing funds. The total financial transfers between Singapore and India are estimated to total USD$1B now. The daily transaction limit will be RS60,000 per Indian user.
The new digital funds payments and transfers initiative is an example where Dynamic India uses a unique marketplace function (UPI did 4B transactions, RS126T, in 2022) to enable new opportunities and advantage businesses and consumers.
Tomorrow’s post will explore the wider implications of tie-ups like Singapore Paynow and UPI.
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