• News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Market Cap
  • Shop
What's Hot

What Is Proof-of-Work (PoW) in Blockchain? A Beginner-Friendly Guide

2025-05-12

What is Proof-of-Authority (POA) Consensus in Blockchain?

2025-05-10

What Is Proof-of-Stake (PoS)? Guide to Blockchain Consensus for Beginners

2025-05-09
Facebook Twitter Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Financial Disclosure
Twitter Instagram YouTube
Crypto Semantic
  • News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT

    All Eyes on Art: Upcoming Collections to Watch the Week of January 28

    2025-02-03

    Op-Ed: The Artist and the Artificial Sublime

    2025-01-20

    Zora launches onchain NFT secondary markets with Uniswap

    2024-08-12

    NFT sales surge led by DMarket on Ethereum

    2024-08-12

    Top NFT Collections by Sales This Week: DMarket Surges Ahead

    2024-08-11
  • Metaverse

    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

    2025-01-03

    Experience to Earn: Everdome’s Metaverse Frontier

    2024-12-30

    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

    2024-12-13

    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

    2024-10-28

    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

    2024-09-05
  • Analysis

    Analyst Says Momentum Is Going To Switch to Ethereum, Predicts Capital Rotation to Altcoins

    2024-02-20

    Bitcoin Price Rally In Jeopardy? Decoding Key Hurdles To More Upsides

    2024-02-19

    Arweave’s AR token hits 18-month high amid rapid growth and innovation

    2024-02-19

    Largest Bitcoin Whales Gobble Up Nearly $13,000,000,000 Worth of BTC in 2024 Alone: Santiment

    2024-02-19

    NEAR Skyrockets 30% – Investors Intrigued By These Metrics

    2024-02-19
  • Learn

    What Is Proof-of-Work (PoW) in Blockchain? A Beginner-Friendly Guide

    2025-05-12

    What is Proof-of-Authority (POA) Consensus in Blockchain?

    2025-05-10

    What Is Proof-of-Stake (PoS)? Guide to Blockchain Consensus for Beginners

    2025-05-09

    What is a Layer-1 (L1) Blockchain? L1 Problems & Future

    2025-05-03

    What is a Layer-2 (L2) Blockchain Solution? Types & Problems They Solve

    2025-05-02
  • Market Cap
  • Shop
Crypto Semantic
Home»Uncategorized»India expands national payment network to Singapore: What’s in it for crypto?
Uncategorized

India expands national payment network to Singapore: What’s in it for crypto?

2023-02-22Updated:2023-02-22No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

India’s nationwide cost community, the unified funds interface (UPI), is expanding its providers past Indian borders, integrating with Singapore’s PayNow speedy cost system. Shaktikanta Das, governor of the Reserve Financial institution of India, and Ravi Menon, managing director of the Financial Authority of Singapore, launched the power by way of token transactions utilizing the UPI-PayNow linkage.

The UPI-PayNow integration will permit customers of the 2 nations to ship cash throughout borders shortly. It’s doable to ship or obtain cash from India utilizing solely a UPI-id, cellphone quantity or digital cost tackle for cash held in financial institution accounts or e-wallets. UPI’s prompt real-time cost system helps to switch money instantly by way of a cellular interface between the 2 financial institution accounts.

UPI goes World!

Since UPI was launched as a cost system in India, it has revolutionised the lives of Indians, however in truth, India’s digital cost system is steadily turning into globally engaging & is being adopted by different nations.#indiafirst #IndiaSingaporeRelations pic.twitter.com/55sGh5bzbZ

— MyGovIndia (@mygovindia) February 21, 2023

Initially, the State Financial institution of India, Indian Abroad Financial institution, Indian Financial institution and ICICI Financial institution will facilitate outgoing remittances. Axis Financial institution and DBS Financial institution India will facilitate incoming remittances. DBS Financial institution and Liquid Group will present the service to customers in Singapore.

Associated: The regulatory implications of India’s crypto transactions tax

ICICI Financial institution can also be a part of India’s central financial institution digital foreign money (CBDC) program. India launched its CBDC pilot in two phases: in November 2022 for the wholesale market and in December for retail customers. Because the pilot began, the digital rupee challenge has logged 770,000 transactions involving eight banks. 5 cities are already taking part within the experiment, with 9 extra cities probably becoming a member of the trial quickly.

See also  ‘It would be absurd’ for US court to rule private NFTs as securities: Lawyer

Sathvik Vishwanath, CEO of Indian crypto trade Unocoin, informed Cointelegraph:

“This can be a nice worth addition for India’s cost rails given that there’s near 30% inhabitants in Singapore are ex-pats, they usually ship cash to India as soon as a month or 1 / 4. This integration eliminates friction lowering the processing time and prices.”

India’s digital cost infrastructure has scaled dramatically over the previous few years with the appearance of COVID-19. Nevertheless, the federal government is skeptical about crypto, imposing a 30% tax on crypto beneficial properties, which compelled main gamers to maneuver overseas. Nevertheless, the federal government is eager on utilizing blockchain know-how for its CBDC program, with current infrastructure serving to to scale its CBDC program.

Source link

Crypto Expands India national Network Payment Singapore Whats
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

FBI reports $9.3 billion in US targeted crypto scams as elderly hit hardest

2025-04-24

Phishing scammers now exploiting Google’s infrastructure to target crypto users

2025-04-16

Most Profitable Crypto to Mine in 2025: Best Altcoins for Mining

2025-04-11

The Main Differences Between Crypto Exchanges

2025-03-03
Add A Comment

Leave A Reply Cancel Reply

Top Posts
Bitcoin

Digital asset market liquidity hits lowest level since 2020, report says

2023-09-12

Journalist Posted: September 13, 2023 The present cycle has skilled a major decline in volatility…

DeFi

To Hedge Risks, Hong Kong SFC Requires Licensed And Regulated DeFi Projects

2023-04-12

DeFi If digital belongings take part in decentralized exchanges, they have to additionally apply for…

Bitcoin

Bitcoin Price Confirms Double Top, How Low Can BTC Drop?

2023-09-11

Yesterday’s weekly shut of the Bitcoin worth beneath the $26,000 mark has raised issues amongst…

Subscribe to Updates

Get the latest news and Update from Crypto Semantic about Crypto, Metaverse and NFT.

About
About

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, NFT, Metaverse and more.

We're social. Connect with us:

Twitter Instagram
Popular Post

Aave begins first phase of token recovery rescue mission

2023-03-10

Top NFT Airdrops and Giveaways for March 2024

2024-03-04

Bitcoin Nears $45,000 Level In Historic Price Surge Following Spot ETF Debut

2024-02-08

Get the latest news and Update from Crypto Semantic about Crypto, Metaverse and NFT.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Financial Disclosure
© 2025 cryptosemantic.com. Designed by ProdigitalX.

Type above and press Enter to search. Press Esc to cancel.

  • Kinza Babylon Staked BTCKinza Babylon Staked BTC(KBTC)$83,270.000.00%
  • Vested XORVested XOR(VXOR)$3,404.231,000.00%
  • ICPanda DAOICPanda DAO(PANDA)$0.003106-39.39%
  • bitcoinBitcoin(BTC)$102,474.00-1.69%
  • ethereumEthereum(ETH)$2,476.77-1.47%
  • tetherTether(USDT)$1.00-0.02%
  • rippleXRP(XRP)$2.537.14%
  • binancecoinBNB(BNB)$663.181.88%
  • solanaSolana(SOL)$172.60-0.14%
  • usd-coinUSDC(USDC)$1.000.00%
  • Kinza Babylon Staked BTCKinza Babylon Staked BTC(KBTC)$83,270.000.00%
  • Vested XORVested XOR(VXOR)$3,404.231,000.00%
  • ICPanda DAOICPanda DAO(PANDA)$0.003106-39.39%
  • bitcoinBitcoin(BTC)$102,474.00-1.69%
  • ethereumEthereum(ETH)$2,476.77-1.47%
  • tetherTether(USDT)$1.00-0.02%
  • rippleXRP(XRP)$2.537.14%
  • binancecoinBNB(BNB)$663.181.88%
  • solanaSolana(SOL)$172.60-0.14%
  • usd-coinUSDC(USDC)$1.000.00%
bitcoin
Bitcoin (BTC) $ 102,563.48
ethereum
Ethereum (ETH) $ 2,480.94
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.53
bnb
BNB (BNB) $ 661.49
solana
Solana (SOL) $ 172.49
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.228508
cardano
Cardano (ADA) $ 0.814205
tron
TRON (TRX) $ 0.274233
bitcoin
Bitcoin (BTC) $ 102,563.48
ethereum
Ethereum (ETH) $ 2,480.94
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.53
bnb
BNB (BNB) $ 661.49
solana
Solana (SOL) $ 172.49
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.228508
cardano
Cardano (ADA) $ 0.814205
tron
TRON (TRX) $ 0.274233