SBI Allows Bhim-Based Real-Time Payment With Singapore: On February 22, State Bank of India (SBI) announced a partnership with PayNow, the online payment system of Singapore, for cross-border payments. This comes a day after India and Singapore established a real-time payments system linkage using the UPI platform.
Through SBI’s Bhim SBIPay mobile application, users can transfer funds from India to Singapore via registered mobile numbers. Meanwhile, transfers from Singapore to India can be done using the UPI ID. This linkage is a significant milestone towards developing an infrastructure for cross-border payments between the two countries. Moreover, it aligns with the G20’s priorities of driving faster, cheaper, and more transparent cross-border payments.
This partnership between SBI and PayNow is a notable step towards making cross-border payments more accessible, efficient, and secure. As digital transactions continue to grow in popularity, this development is expected to benefit individuals and businesses alike.
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SBI Permits Real-time Bhim Payments With Singapore: Important Points
- State Bank of India (SBI) has announced that its partnership with PayNow, the online payment system of Singapore, will enable cross-border payments. This development, which comes after India and Singapore established a real-time payments system linkage, is made available through SBI’s Bhim SBIPay mobile application.
- The linkage allows fund transfers from India to Singapore using registered mobile numbers and from Singapore to India using the UPI ID. The UPI-PayNow connectivity closely aligns with the G20’s objectives of promoting faster, cheaper, and more transparent cross-border payments.
- According to the World Bank’s bilateral remittances matrix, the combined inbound bilateral remittance of the two countries in 2021 was approximately $949 million.
- The first live cross-border transaction was carried out by RBI Governor Shaktikanta Das and Ravi Menon, Managing Director of the Monetary Authority of Singapore.
- SBI Chairman Dinesh Khara said that this project would significantly advance digitalization efforts by providing consumers with a simple, seamless cross-border payment option.
- This partnership between SBI and PayNow is expected to make cross-border payments more accessible, efficient, and secure.
- As digital transactions continue to grow in popularity, this development will benefit individuals and businesses alike.
- The availability of this service through SBI’s mobile application will make cross-border transactions more convenient for consumers.
SBI Allows Bhim-Based Real-Time Payment With Singapore | MCQs
1. What is the name of the online payment system of Singapore that State Bank of India (SBI) has partnered with for cross-border payments?
A) PayLater
B) PayEase
C) PayNow
D) PayFast
Ans: C
2. How can users transfer funds from India to Singapore using SBI’s Bhim SBIPay mobile application?
A) Through email addresses
B) Via registered mobile numbers
C) Through UPI ID
D) Via physical bank branches
Ans: B
3. What is the objective of UPI-PayNow connectivity, according to the G20’s priorities?
A) To drive slower, more expensive, and less transparent cross-border payments
B) To drive faster, cheaper, and more transparent cross-border payments
C) To increase cross-border transaction fees
D) To limit cross-border transactions between countries
Ans: B
4. What is the expected benefit of the partnership between SBI and PayNow?
A) To increase cross-border transaction fees
B) To reduce accessibility to cross-border payments
C) To make cross-border payments more accessible, efficient, and secure
D) To limit cross-border transactions between countries
Ans: C
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