India's UPI payment method is Integrated with Singapore’s PayNow
Unified Payments Interface (UPI) is a very popular payment method in India and it provides instant transaction settlement in real-time. India has got a few payment methods and this is not the only option we have however this is the best one as of date. Some other payment methods like- NEFT, RTGS, and IMPS are also available but UPI is much easier to use and has got a bigger user base.
These days when payments are mostly done through mobile and it is very important to make the settlement fast as well as possible. Glad to share that UTI is one of the methods that can be used only through mobile phones and as of it is provided for free by the banks. There is no surety that it will remain free in the future as well because you never know if Bank beside our money through this method. It is easy to send I am the same money and transaction settlement happen within second which is almost like in real-time.
Even the good thing is that it can be used for as low as one INR and even up to 200k INR. For a normal person, this amount limits good enough, and even for a business as they are some different categories provided by the payment companies. The setup is easy and we all can do it in less than 1 minute. It is secure because the transaction is authenticated every time by entering the transaction pin code. This payment service is linked with mobile numbers if someone gets the phone then also transaction cannot be initiated because of second-layer authentication.
Now, this has been integrated with Singapore's pay now payment service. This is a great milestone as the foreign country has adopted India's payment service and hopefully, this will enable easy cross-border payment and even make the transfer between both countries much more smooth.
Reserve Bank of India’s Governor Shaktikanta Das and the Monetary Authority of Singapore’s (MAS) Managing Director Ravi Menon launched the new linkage, in the presence of Prime Minister Narendra Modi and Singapore’s Prime Minister Lee Hsien Loong.
*I am a UPI user and I use it almost every day for daily payments. I know how this has changed my life and now I hardly carry cash. It is all because of the easy-paying options and that too with no limits and transaction fees. I hope to see more innovation and increased limits for businesses so that we can see more adoption of UPI payments. *
Thank you so much
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I love to read such great news , it shows how important and powerful the blockchain tech is.
The fact that UPI it provides instant transaction settlement in real-time is a huge advantage, especially in today's world where people expect fast and convenient payment options.I also look forward to seeing a day when businesses begin to realise how convenient it is to transact on Hive.
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