India leads in cross-border payments as PM Modi talks with Singapore counterpart

February 21, 2023        Mary Scott        4181

India leads the way in cross-border payment system, as PM Modi holds talks with Singapore counterpart

Prime Minister Narendra Modi recently held talks with Singaporean counterpart Lee Hsien Loong, in a bid to further strengthen the partnership between the two nations in cross-border payments. India has been leading the way in this space, with the development of the Unified Payments Interface (UPI) system and the National Payments Corporation of India (NPCI).

The two leaders discussed the future of digital payments and the potential for the two countries to work together to enhance cross-border payments. Singapore is also at the forefront of innovation in the fintech space, making the partnership between the two countries particularly relevant.

India-Singapore partnership to boost cross-border payments

India’s UPI system has already seen significant adoption, with more than 2 billion transactions processed in January 2022 alone. With the growing importance of cross-border payments, this partnership with Singapore could pave the way for a more seamless and efficient global payments ecosystem.


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