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News:Recently,to internationalize the BHIM UPI a pilot demo was conducted in Singapore with a live transaction at a merchant terminal at the FinTech Festival 2019.
Facts:
- The project is being jointly developed by National Payments Corporation of India (NPCI) and Singapore’s Network for Electronic Transfers (NETS).
- This QR code-based system would allow anyone with a BHIM app to scan Singapore Quick Response Code(SGQR) at NETS terminals in Singapore for payments.
- The project is targeted to go fully live by February 2020 and cover thousands of terminals in Singapore after the Reserve Bank of India’s (RBI’s) approval.
- Further,by February 2020,it is also expected that all RuPay cards, including domestic ones will be acceptable in Singapore.
Additional information:
About BHIM:
- Bharat Interface for Money(BHIM) is Unified Payments Interface(UPI) based payment interface application that allows real time fund transfer
- The app has been launched in 2016.It was developed by the National Payments Corporation of India (NPCI).
About UPI:
- Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application of any participating bank.
- The interface has been developed by National Payments Corporation of India (NPCI).
- It merges several banking features, seamless fund routing & merchant payments into one hood.
About National Payments Corporation of India(NPCI):
- NPCI is an umbrella organisation for operating retail payments and settlement systems in India.
- It is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007 for creating a robust Payment and Settlement Infrastructure in India.
