{"id":554551,"date":"2023-02-21T12:31:36","date_gmt":"2023-02-21T09:31:36","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/india-expands-national-payment-network-to-singapore-whats-in-it-for-crypto\/"},"modified":"2023-02-21T12:31:36","modified_gmt":"2023-02-21T09:31:36","slug":"india-expands-national-payment-network-to-singapore-whats-in-it-for-crypto","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/india-expands-national-payment-network-to-singapore-whats-in-it-for-crypto\/","title":{"rendered":"# India expands national payment network to Singapore: What\u2019s in it for crypto?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a243b2b47b59\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a243b2b47b59\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/india-expands-national-payment-network-to-singapore-whats-in-it-for-crypto\/#%E2%80%9D_India_expands_national_payment_network_to_Singapore_Whats_in_it_for_crypto_%E2%80%9C\" >&#8221; India expands national payment network to Singapore: What\u2019s in it for crypto? &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_India_expands_national_payment_network_to_Singapore_Whats_in_it_for_crypto_%E2%80%9C\"><\/span>&#8221; India expands national payment network to Singapore: What\u2019s in it for crypto? &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvYmQ4NWEyMjgtN2ZkOS00Mjg4LWEwZGMtNmI1OTYzOGVjMzk3LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>India\u2019s national payment network, the unified payments interface (UPI), is <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.rbi.org.in\/Scripts\/BS_PressReleaseDisplay.aspx?prid=55260\">expanding<\/a>\u00a0its services beyond Indian borders, integrating with Singapore\u2019s PayNow rapid payment system. Shaktikanta Das, governor of the Reserve Bank of India, and Ravi Menon, managing director of the Monetary Authority of Singapore, launched the facility through token transactions using the UPI-PayNow linkage.<\/p>\n<p>The UPI-PayNow integration will allow users of the two nations to send money across borders quickly. It is possible to send or receive money from India using only a UPI-id, cellphone number or virtual payment address for money held in bank accounts or e-wallets. UPI\u2019s instant real-time payment system helps to transfer cash im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely via a mobile interface between the two bank accounts.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">UPI goes Global!<\/p>\n<p>Since UPI was introduced as a payment system in India, it has revolutionised the lives of Indians, but in fact, India\u2019s digital payment system is steadily becoming globally attractive &amp; is being adopted by other countries.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/indiafirst?src=hash&amp;ref_src=twsrc%5Etfw\">#indiafirst<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/IndiaSingaporeRelations?src=hash&amp;ref_src=twsrc%5Etfw\">#IndiaSingaporeRelations<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/55sGh5bzbZ\">pic.twitter.com\/55sGh5bzbZ<\/a><\/p>\n<p>\u2014 MyGovIndia (@mygovindia) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/mygovindia\/status\/1627924983707213825?ref_src=twsrc%5Etfw\">February 21, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>Initially, the State Bank of India, Indian Overseas Bank, Indian Bank and ICICI Bank will facilitate outgoing remittances. Axis Bank and DBS Bank India will facilitate incoming remittances. DBS Bank and Liquid Group will provide the service to users in Singapore.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>The regulatory implications of India\u2019s crypto transactions tax<\/em><\/strong><\/p>\n<p>ICICI Bank, a private sector bank in India is also part of the country&#8217;s central bank digital currency program. India launched its CBDC pilot in two phases, one in November for the wholesale market and another in December for retail users. Since the trial&#8217;s beginning on December 1st, 2022, the digital rupee pilot project has logged 770,000 transactions involving eight banks. Five cities are already participating in the experiment, with nine more cities possibly joining the trial soon. <\/p>\n<p>Sathvik Vishwanath, CEO of Indian crypto exchange Unocoin, told Cointelegraph:<\/p>\n<blockquote><p>&#8220;This is a great value addition for India\u2019s payment rails given that there is close to 30% population in Singapore are ex-pats and they send money to India once a month or a quarter. This integration eliminates friction reducing the processing time and costs.\u201d<\/p><\/blockquote>\n<p>India\u2019s digital payment infrastructure has scaled dramatically over the past few years and was popularised with the advent of Covid-19. While the government is sceptical about the larger crypto market, imposing a 30% tax on crypto gains, which subsequently forced major players to move out of the country. However, the government is keen on using blockchain tech for its CBDC program and the existing infrastructure could help in scaling its digital CBDC pilot as well. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/india-expands-national-payment-network-to-singapore-what-s-in-it-for-crypto\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; India expands national payment network to Singapore: What\u2019s in it for crypto? &#8220; India\u2019s national payment network, the unified payments interface (UPI), is expanding\u00a0its services beyond Indian borders, integrating with Singapore\u2019s PayNow rapid payment system. Shaktikanta Das, governor of the Reserve Bank of India, and Ravi Menon, managing director of the Monetary Authority of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":554552,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/bd85a228-7fd9-4288-a0dc-6b59638ec397.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,75046,77310,90774,78031,74355,17318],"class_list":["post-554551","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-cbdc","tag-indian-crypto","tag-indian-government","tag-reserve-bank-of-india","tag-adoption","tag-india"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/554551","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=554551"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/554551\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/554552"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=554551"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=554551"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=554551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}