India's big payment Internet Unified payment Jack (UPI) has expanded its services overseas to integrate with Singapore's PayNow rapid payment system. Shaktikantadas, chairman of the Federal Reserve of India, and Ravi Menon, chief executive of the Monetary Authority of Singapore, used the link between UPI and PayNow to publish the allocation based on representative transactions.

The integration of UPI and PayNow will allow customers between the two countries to make rapid cross-border e-commerce remittances. For assets held in bank or electronic accounts, you can remit or receive assets from India simply by using UPI-id, mobile phone number or fake payment address. UPI's just-in-time payment system software facilitates the immediate transfer of cash according to the mobile pages in the middle of two bank accounts.

At the beginning, the Bank of India, the Bank of India, the Bank of India and the Bank of ICICI also provided assistance for remittances abroad. Axis Bank and DBS Bank India also provide assistance for remittances. DBS Bank and Liquid Group will provide this service to Singapore customers.

ICICI banks are part of the Digital currency (CBDC) program of the Central Bank of India. India opened the CBDC demonstration site in two phases: for wholesale malls at the end of November 2022 and for retail customers in December. Since the demonstration site, the data rupee project has shown 770000 transactions involving eight banks. Five cities have already participated in the experiment, and it is likely that nine more cities will be added soon.

CEOSathvik Vishwanath of Universe currency of Indian login password trading center told Cointelegraph:

Considering that nearly 30% of Singapore's urban population are foreigners, they remit money to India once a month or every quarter, which would be a huge added value for India's payment railway lines. This kind of integration avoids friction and reduces production and processing time and cost. "

With the outbreak of the COVID-19 epidemic, the construction of digital payment infrastructure in India has expanded greatly in recent years. However, the country is sceptical about the login password and levies a 30% tax on the login password profits, driving key participants to relocate their countries. However, government departments are keen to apply blockchain to their CBDC programs, and the current infrastructure is conducive to increasing their CBDC programs.