Transfers of funds will now be possible using just mobile phones.
Transfers of funds between the two countries will now be possible using just mobile phones due to the tie-up between India's Unified Payments Interface and Singapore's PayNow facility.
"This will enable people from both the countries to immediately and at low-cost transfer funds just using their mobile phones," Indian Prime Minister Narendra Modi said at a virtual event for the launch of the service. The linkage will help migrant workers, professionals, students and their families, said Modi.
Singapore's Prime Minister Lee Hsien Loong told the launch event cross-border retail payments and remittances between the two countries currently amount to over $1 billion annually. India received $89 billion in foreign remittances in 2021/22, the highest ever in a year by any nation. The World Bank has projected that number to rise to $100 billion in the current year.
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