Conducted through a live transaction at a merchant terminal, this is the payment system's first approach to the international market.
A pilot demonstration of the Bharat Interface for Money (BHIM) united payments interface (UPI) QR-based payments has begun at the Singapore FinTech Festival 2019.
Conducted through a live transaction at a merchant terminal on November 13, this is the payment system's first approach to the international market.
The demo will continue for the duration of the festival, which started on November 11 and ends on November 15.
This QR code-based system would allow anyone with a BHIM app to scan the SGQR at NETS terminals for payments in Singapore.
"This is the first time that BHIM app has gone international," said Indian High Commissioner to Singapore Jawed Ashraf, who launched the live demo.
The project is being jointly developed by the National Payments Corporation of India (NPCI) and Network for Electronic Transfers (NETS) of Singapore. It is targeted to go live by February 2020, said the High Commission.
"This is another achievement for fintech (financial technology) cooperation between India and Singapore, after the launch of RuPay International card and SBI remittance app, last year by Prime Minister Narendra Modi," said Ashraf.
A memorandum of understanding between the Trade Promotion Council of India (TPCI) and the Monetary Authority of Singapore (MAS) was also signed on November 13 to work towards access of TPCI dashboard to Business sans Borders (BSB) at the festival.
BSB, a project conceived by MAS and the Infocomm Media Development Authority (IMDA), is an initiative for connecting various platforms domestically as well as internationally, covering trade, financial services and other essential SME (small and medium enterprises) services.
This would allow SMEs, within and across borders, to match their demand and supply along with the provision of ancillary services such as credit facilities, insurance, logistics, and legal and professional services, said the commissioner.
The Confederation of All India Traders (CAIT), which has 70 million traders in India as its members, is already connected to BSB through a platform provided by Mastercard GlobalLinker.The Indian contingent at the Singapore Fintech Festival 2019 is one of the biggest, with 43 companies and start-ups participating from India.
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