UPI Current Affairs

PM Narendra Modi launches 3 Indian mobile payment apps in Singapore

Prime Minister Narendra Modi launched three Indian mobile payment applications BHIM, RuPay and UPI enabled remittance app of SBI in Singapore aimed at internationalisation of the country’s digital payment platforms. They were launched at ‘Business, Innovation and Community Event’ held in Singapore where digital platform was the main theme.

Key Facts

RuPay digital payments system: It was linked up with Singapore’s 33-year-old Network for Electronic Transfers (NETS). It will enable RuPay users to make payments at all NETS acceptance points across Singapore. Besides, holders of Singapore NETS will be also able to make online purchases on National Payments Corporation of India (NPCI) e-commerce merchant website, using 2.8 million RuPay point-of-sale (PoS) terminals in India. This linkage will help to create multi-billion-dollar transactions as some 5 million Indians who travel to and transit through Singapore.

SBI’s UPI based rupee remittance app: It was also launched at Singapore branch of the SBI. It will help to expand remittance offering. It will help Indian blue-collar workers working in Singapore to send remittance of up to Rs 100,000 in quick, easy and convenient way with the help of Virtual Payment Address (VPA). This service will be available to all savings account holders of SBI Singapore.

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Tez: Google’s UPI-based digital payment service launched

Tech Giant Google’s Unified Payments Interface (UPI) based digital payment service Tez (meaning fast in Hindi) was launched by Union Finance Minister Arun Jaitley in New Delhi.

With this, Google become latest international giant to enter into India’s fast growing digital payment ecosystem.

Key Facts

Google Tez is standalone payments application, available on Android and iOS. The app can be used to pay for movie tickets, utility bills, and make other transactions online.  It supports several local languages including Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil and Telugu and will work with 55 banks.

Google has partnered with Axis, HDFC Bank, ICICI, and State Bank of India (SBI) for backend processing. On security front, all transactions on Google Tez app are guarded by Tez Shield to detect fraud, prevent hacking, and verify identity.

Unified Payments Interface (UPI)

UPI is a payments protocol built by government-backed National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India (RBI). It facilitates the instant fund transfer between two bank accounts on the mobile platform using unique virtual address without putting details of card details, net banking, IFSC code, wallet password etc.

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