Prime Minister Narendra Modi on Tuesday expressed hope that digital transactions would soon surpass cash as Unified Payments Interface (UPI) is increasingly becoming the most preferred payment mechanism in the country.
Modi after the launch of the cross-border connectivity between the UPI and PayNow of Singapore said about 74 billion transactions amounting to more than Rs 126 trillion, which is approximately 2 trillion Singapore dollars, was done through UPI in 2022.
The linkage of these two payment systems would enable residents of both countries in faster and cost-efficient transfer of cross-border remittances.
It will also help the Indian diaspora in Singapore, especially migrant workers and students, through instantaneous and low-cost transfer of money from Singapore to India and vice-versa.
India has emerged as one of the fastest-growing ecosystems for fintech innovation.