India and Singapore To Link Their Payments Systems

India and Singapore are working to link their digital payments systems to enable "instant, low-cost fund transfers," in a major push to disrupt the cross-border transactions between the two nations that amounts to over $1 billion each year. From a report: The project to link India's Unified Payments Interface (UPI) and Singapore's PayNow is targeted for operationalization by July 2022, both nation's central banks said on Tuesday. Users on either of the systems will be able to make transactions to one another without having to sign up to the second platform, the banks added.

That's not what 'disrupt' means

[ScentCone]

Apparently, now, anything that's an improvement over anything being used is so unimaginably cool and rebellious that it's "disruption." Like, "Area man totally disrupts restaurant industry with new pot pies."

Re:That's not what 'disrupt' means

[Wycliffe]

It will definitely disrupt if not completely eliminate the existing players like bitcoin, western union, or whatever is currently used in those countries legally or illegally to transfer money across border. Many of those money changers charge substantial fees and make millions doing something that will essentially become free after this link up.

Re:

[Jason Earl]

Exactly, this is the very definition of big business. Banks currently make a killing facilitating these transfers, charging up to 6.5%, and India and Singapore see over $1 billion a year in these transfers. That is a pile of money, no matter how rich you are.

Any sort of economic activity between these two countries just became much less expensive.

More importantly the current situation of multiple incompatible payment systems is untenable. Someone is going to win, and the systems that bridge large eco

Re:

[bill_mcgonigle]

SWIFT is a political weapon.

It's being disrupted. But they should be using Ripple for scaling.

Need one standard

[DarkRookie2]

All of these banks, fake banks, mobile payments, and similar need to make a global standard.
That global standard should also include a ban of putting any other services in the app or links to those other services. I would like an app to just for sending and receiving money.

All kinds of fun when trying to figure out what each payment method. One will have cash. Another Paypal. Another Zelle. Another CashApp. Another GooglePay. It is a fucking mess. None of them are link together so you have to create an account for each of them.

Dear Singapore...

[NFN_NLN]

Expect a significant increase in India scam calls.