11/15/2017 5:03:11 PM
|written By : Team India Se|
Singapore’s NETS cardholders will now be able to make online purchases on any National Payment Corporation of India (NPCI) e-commerce merchant website in India from the middle of next year.
This announcement was made by Minister for Education (Higher Education and Skills) Ong Ye Kung, is also a board member of the Monetary Authority of Singapore (MAS) at the ongoing Singapore Fintech Festival. “In addition, NETS cardholders can make NETS payments at all 2.8 million RuPay point-of- sale terminals in India, and RuPay customers can similarly use his RuPay card or RuPay- enrolled mobile phone to make payment at any NETS acceptance point in Singapore,” he added. Similarly local banks such as UOB and DBS have entered into an agreement with China’s UnionPay through co-branded cards.
Meanwhile in Singapore the PayNow system can be used to pay merchants from around the middle of next year. This allows individuals to transfer funds to each other via online or mobile banking using just mobile numbers, will allow businesses to link their Unique Entity Numbers (UENs) to their bank accounts.
Singapore is also gearing up to become a leader in fintech and will expedite the application assessment for its fintech regulatory sandbox so that firms can test and launch their innovative solutions faster.
The recent Singapore Fintech Festival has attracted more than 25,000 participants from over 100 countries.