UPI BHIM: UPI Bhima has reached international level for the first time. Singapore has launched Bhima UPI Pilot Best Testing. It will be performed at the Singapore Fintech Festival.
Singapore: QR-based payment system of Bhima UPI, a platform providing payment facility, was launched in Singapore on a pilot basis on Wednesday. The ‘Singapore Fintech Festival’ 2019 showcased Bhima UPI through a transaction at a merchant terminal. The performance will continue during the festival and will close on 15 November.
Through the QR-based system, anyone with the Bhima app can scan SGQR codes at a Nets terminal and make payments in Singapore.
Indian High Commissioner in Singapore Javed Ashraf said that this is the first time the Bhima app has gone international. He started the ‘Live Demo’ of Bhima App.
The project has been jointly developed by National Payments Corporation of India (NPCI) and Singapore’s Network for Electronic Transfers (NETS). The High Commissioner said that it is targeted to start here by February 2020.
The High Commission said in a statement released on Wednesday that by February 2020 all RuPay cards (including domestic) will be accepted in Singapore. This is another achievement of cooperation between India and Singapore in the field of financial technology. Earlier the Rupe International Card was issued here. In May, 2018, Prime Minister Narendra Modi launched the UPI-based money transfer system of ABCI.