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#UPI

#UPIGoesGlobal #UPI #PAYNOW #India #singapore #bhim UPI (Unified Payments Interface) is a real-time payment system that enables bank-to-bank transactions in India. BHIM (Bharat Interface for Money) is a mobile payment app that is built on top of the UPI platform. On the other hand, PayNow is a similar payment system in Singapore. While both UPI (BHIM) and PayNow are primarily designed for domestic payments, they also offer cross-border payment capabilities. Here's how it works: 1. Sender's bank initiates the payment: When a person in India wants to send money to someone in Singapore, they can initiate the payment using the BHIM app. The app will then communicate with the sender's bank to request the payment. 2. UPI or PayNow routes the payment: The payment is then routed through the UPI or PayNow system, depending on the destination country. The sender's bank communicates with the UPI or PayNow system to initiate the transfer of funds. 3. Receiver's bank receives the payment: Once the payment is routed through the UPI or PayNow system, it is then transferred to the receiver's bank account in Singapore. The receiver's bank is responsible for crediting the payment to the receiver's account. 4. Currency conversion: If the payment is in a different currency than the receiver's bank account, the payment will be automatically converted to the appropriate currency by the receiving bank. 5. Notification to both parties: Once the payment has been completed, both the sender and the receiver will receive a notification from their respective banks or payment apps. Overall, UPI (BHIM) and PayNow offer a fast, secure, and low-cost option for cross-border payments between India and Singapore. However, it's important to note that cross-border payments through UPI and PayNow are subject to certain transaction limits and fees, which may vary depending on the banks involved in the transaction.