SBI permits real-time Bhim payments with Singapore
The State Bank of India (SBI) announced a cooperation with PayNow, the city state’s online payment system, for cross-border payments, one day after a real-time payments system linkage was formed between India and Singapore utilising the UPI platform.
SBI permits real-time Bhim payments with Singapore: Key Points
- According to a statement from SBI, the capability is made available through the Bhim SBIPay mobile application.
- The linkage would provide fund transfers from India to Singapore using registered mobile numbers and from Singapore to India using the UPI ID.
- The G20‘s aims of promoting quicker, less expensive, and more transparent cross-border payments are closely aligned with the UPI-PayNow connectivity, which represents an important milestone in building an infrastructure for cross-border payments between the two nations.
- According to the World Bank’s bilateral remittances matrix, the two countries’ combined inbound bilateral remittance in 2021 was approximately $949 million.
- The first live cross-border transaction was carried out via the Bhim SBIPay app by RBI governor Shaktikanta Das and Ravi Menon, managing director of the Reserve Bank of India’s equivalent in the city state, the Monetary Authority of Singapore.
According to Dinesh Khara, chairman of SBI, the project will significantly advance digitalisation efforts by giving consumers access to a simple, seamless cross-border payment option.
SBI and RBI: Important Takeaways
- RBI governor: Shaktikanta Das
- Chairman of SBI: Dinesh Khara