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PM Narendra Modi launches RuPay card, BHIM and SBI apps in Singapore

Jun 1, 2018 08:02 IST
PM Narendra Modi launches RuPay card, BHIM and SBI apps in Singapore

Prime Minister Narendra Modi on May 31, 2018 launched three Indian digital payment systems - RuPay, BHIM app and UPI by SBI at the 'Business, Innovation and Community Event' in Singapore.

With the launch, India's RuPay digital payments system was linked up with Singapore's 33-year old Network for Electronic Transfers (NETS). The move will enable RuPay users to make payments at all of NETS acceptance points across Singapore.

Whereas, 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.

Significance

The development is significant, as 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.

UPI by SBI

  • During the business event, SBI's Singapore branch launched a new app-based rupee remittance mode - United Payment Interface (UPI).
  • The Singapore branch of the SBI is the first to launch this new mode of remittance in collaboration with National Payment Corporation of India (NPCI).
  • The step is a major one towards the internationalisation of India's digital payment platform.
  • The move would make transfer of funds of up to Rs 100,000 very fast, easy and convenient with the help of Virtual Payment Address (VPA).
  • The service would be available to all savings account holders of SBI Singapore.
  • SBI has six branches in Singapore as well as Auto Teller Machines (ATMs).

About BHIM App

  • Bharat Interface for Money (BHIM) is a payment app that allows a user to make simple, easy and quick transactions using Unified Payments Interface (UPI).
  • The user would be able to make direct bank payments to anyone on UPI using their UPI ID or scanning their QR with the BHIM app.
  • The user can also request money through the app from a UPI ID.
  • The app was developed by National Payments Corporation of India (NPCI) to bring in financial inclusion to the nation and to create a digitally empowered society.

Background

Prime Minister Narendra Modi launched the apps during the first day of his tour in Singapore, which is a part of his three-nation tour of Southeast Asia.

This is Modi's second official visit as the Prime Minister to the island nation.

India looks at Sinapore as a gateway to ASEAN and as a bridge between India and Asia.

Singapore is also a key partner for India in projects related to smart cities, urban infrastructure and logistics.

 

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Quick Digest

Who: PM Narendra Modi

Where: Singapore

What: Launches RuPay card , BHIM and SBI apps

When: May 31 , 2018

Is this article important for exams ? Yes5 People Agreed
Read more Current Affairs on: BHIM App , RuPay , SBI , Narendra Modi , SBI App , UPI , Digital Platform

DISCLAIMER: JPL and its affiliates shall have no liability for any views, thoughts and comments expressed on this article.

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