Narendra Modi 31st May 2018 launched three Indian mobile payment apps in Singapore at a business event aimed at internationalisation of the country’s digital payment platform. At the ‘Business, Innovation and Community Event’ Modi launched India’s BHIM, RuPay and SBI app. India’s RuPay digital payments system was linked up with Singapore’s 33-year old Network for Electronic Transfers (NETS).
RuPay users will be able to make payments at all of NETS acceptance points across Singapore. Holders of Singapore NETS will be able to make online purchase on any National Payment Corporation of India (NPCI) e-commerce merchant website in India, using 2.8 million RuPay point of sale terminals in India. Industry observers said it would create multi-billion dollar transactions as some five million Indians travel to and transit through Singapore, internationalising the RuPay beginning with the first cross border usage.
Remittance of up to Rupees 100,000 will be made quick, easy and convenient with the help of Virtual Payment Address (VPA). This service will be available to all savings account holders of SBI Singapore. SBI has six branches in Singapore as well as Auto Teller Machines (ATMs).