New Delhi. After the year 2015, online payment system has developed very fast in India. The impression of the Indian payment gateway is being seen all over the world. The world has become a fan of India’s payment ecosystem. His example was also seen today. PM Modi and Singapore PM Lee Hsien Loong linked the online payment system UPI and PayNow of the two countries through video conferencing, which was named UPI-PayNow. Now it will be very easy to do transactions through UPI even in Indian Singapore.
Let us tell you that at present, the central government is working at a very fast pace to strengthen the payment ecosystem of the country. The government is planning to implement it in other countries as well. This facility will work smoothly in Google Pay, Phone Pay, Paytm and other digital payments apps being used in India. You just have to follow some important steps for that. In today’s story, we understand about the same process.
Significantly, UPI (Unified Payments Interface) is an instant payment service, which transfers payments from one account to another within a few seconds through a mobile number. It was developed by the National Payments Corporation of India (NPCI), which eliminates the risk of sharing bank account details through the creation of a Virtual Payment Address (VPA). It supports both person-to-person and person-to-merchant payments. Like UPI, PayNow has a service in Singapore. Users send and receive money from one bank or e-wallet account to another with a mobile number. This peer-to-peer payment linkage works through participating banks and non-bank financial institutions (NFIs) in the country. It is a very simple and convenient means of transferring money.