Watch a quick conversation with Mohit Gopal, Chief Operating Officer of PayU India at the ETBFSI FinNext Summit 2023, where he shares his expert commentary on the emerging trends in the Fintech space, like cross border payments and more.
As the market for real-time payments and payment-Plus services expands, payment fintechs are set for significant growth, said a latest BCG report. With a potential market value of $500 billion by 2030, fintech companies to seize these opportunities will reap the rewards, it added. Read here:
The adoption of RuPay and Mir cards by Russia and India is expected to further strengthen the economic ties between the two nations.
At the meeting, UK and Indian participants provided updates on recent developments in their respective banking sectors, discussing banking trends and emerging vulnerabilities and risks in the sector. The scope for augmenting knowledge of Central Banking Digital Currency (CBDC) through mutual learning was explored. Participants discussed international developments regarding crypto assets, the importance of robust global approaches, and progress in delivering the G20 Roadmap for Enhancing Cross-border Payments.
The app enables users, including expats and immigrants traveling to India, freelancers, tourists and small businesses, to share and spend in their respective currencies without maintaining multiple accounts, wallets or payment apps across the world. It is a UPI-backed wallet that allows users to have multi-currency bank accounts and spend locally in India.
The Indian diaspora has been spreading in different corners of the world, but there is one complaint that needs to be addressed is having access to cheaper and faster methods of sending money back home. In this edition of ETBFSI Explainer, we dive deep into the remittance market.
This week India and Singapore launched cross-border payment linkage. The payment will be routed through India’s Unified Payment Interface (UPI) and Singapore’s PayNow. Shaktikanta Das, Governor of RBI and Ravi Menon, Managing Director of the Monetary Authority of Singapore (MAS) transferred funds to each other in the presence of the Prime Minister of both countries. Das used his UPI id of the State Bank of India (SBI) and Menon used his UBS Bank account and LiquidPay app and transferred money in real-time.
The PayNow-UPI deal is the hot potato in the payment ecosystem, which will bolster and revolutionise transactions in the future. As far as inward remittance is concerned, Axis Bank is a big beneficiary of this system. Here are some details on how the mechanism will function and how beneficial it will be for the Indian diaspora residing abroad.
The UPI-PayNow linkage launched today is said to provide low cost and real time option for cross-border remittances between the two countries. Industry stalwarts from the BFSI sector said that this is a milestone moment for cross-border transfers for both the countries and it would further strengthen G20's commitments.
India and Singapore has jointly launched the UPI-PayNow linkage in presence of Prime Ministers of both the countries. The product is a result of extensive collaboration between RBI, MAS, and Payment System Operators of both countries. Here’s how this system will work, and the banks involved from both the countries to facilitate the payment:
The linkage, about which ETBFSI had reported last November, will aid remittances and cut cross-border transaction fees in half, boosting digital connectivity and interoperability.
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