Prime Minister Narendra Modi has launched three Indian mobile payment apps – BHIM, RuPay and SBI at the ‘Business, Innovation and Community Event’ on Thursday in Singapore aiming at internationalisation of the country’s digital payment platform.
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 points 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.