In a first approach to the international market, a pilot demonstration of the Bharat Interface for Money (BHIM UPI) QR-based payments was conducted at the Singapore FinTech Festival 2019 which was jointly developed by the National Payments Corporation of India (NPCI) and Network for Electronic Transfers (NETS) of Singapore.
Crux of the Matter
This QR code-based system would allow anyone with a BHIM app to scan the SGQR at NETS terminals for payments in Singapore. It is expected to go live by February 2020.
RuPay International card and SBI remittance app were launched last year by PM Narendra Modi.
Launching the live demo Indian High Commissioner to Singapore Jawed Ashraf said, “This is the first time that BHIM app has gone international and it is a huge achievement.”
An MoU was signed between the Trade Promotion Council of India (TPCI) and the Monetary Authority of Singapore (MAS) to work towards access of TPCI dashboard to Business sans Borders (BSB) at the FinTech Festival.
The Confederation of All India Traders (CAIT) already has 70 million traders in India as its members and are connected to BSB through a platform provided by Mastercard GlobalLinker.
Curiopedia
BHIM (Bharat Interface for Money) is a mobile payment app developed by the National Payments Corporation of India (NPCI), based on the Unified Payments Interface (UPI). It is named after B. R. Ambedkar and launched on 30 December 2016, it is intended to facilitate e-payments directly through banks. The app supports all Indian banks which use UPI, which is built over the Immediate Payment Service (IMPS) infrastructure and allows the user to instantly transfer money between bank accounts of any two parties. It can be used on all mobile devices. BHIM allows users to send or receive money to or from UPI payment addresses, or to non-UPI based accounts, unlike mobile wallets which hold money. More Info
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