Until now, users with BHIM UPI app were able to make payments using QA code only in India. But as per the report, BHIM UPI payments can be done from Singapore also. A live demo transaction was made using BHIM UPI QA based payment in Singapore on Wednesday at the FinTech festival. This is the first instance of international transaction by BHIM UPI.
BHIM UPI will continue these demo transactions during the FinTech festival which will take place from 11th Nov to 15th Nov. It will allow customers with QR based BHIM UPI app to scan SGQR at NETS terminals for payments in Singapore.
“This is the first time that BHIM app has gone international,” said Indian High Commissioner to Singapore Jawed Ashraf, who launched the live demo.
Developed jointly by National Payments Corporation of India(NPCI) and
Network for Electronic Transfers(NETS), the project is expected to go live by Feb 2020.
This development marks another milestone achievement for FinTech on part of cooperation between India and Singapore. RuPay International Card and SBI Remittance were the previous projects launched last year by Prime Minister Narendra Modi. This was also accompanied by a MoU being signed between Trade Promotion Council of India(TPCI) and Monetary Authority of Singapore(MAS) on Wednesday. This will give TPCI dashboard access to Border sans Borders(BSB).
Border sand Borders is project that connects domestic as well as international platforms for dealing with trade, financial services. BSB is being conceived by MAS and Infocomm Media Development Authority (IMDA).
This enables various SMEs, domestic and internationals, to deliver business across borders including providing credit facilities, insurance etc. The Confederation of All India Traders(CAIT) is already connected to BSB via a MasterCard GlobalLinker platform.
Also Read:UPI based payments beats cards in terms of value of transactions in first three months of Q4
As per the the NPCI reports, transactions through UPI has surpassed debit and credit card transactions in January 2019. This is evident as per the reports from RBI and NPCI. UPI has seen exponential growth between March 2018 and March 2019. In 2018-19, there were 5,353 million transactions on the UPI platform, compared to 4,414 million debit card transactions, and 1,762 million credit card transactions. As per the value of transactions, UPI amounted to Rs. 8,770 while debit and credit amounted to
Rs. 5,935 billion and Rs. 6,033 billion respectively.