A pilot demo of BHIM UPI QR-based payments in Singapore began through a live transaction at a merchant terminal at the Singapore FinTech Festival 2019, the payment system’s first approach to the international market.
The demo will continue during the festival, which started on November 11 and ended on November 15. This QR code-based system would allow anyone with a BHIM app to scan the SGQR at NETS terminals for payments in Singapore.
The project is being jointly developed by the National Payments Corporation of India (NPCI) and Network for Electronic Transfers (NETS) of Singapore. It is targeted to go live by February 2020.
The Indian contingent at the Singapore Fintech Festival 2019 is one of the biggest, with 43 companies and start-ups participating from India.
About NPCI : NPCI is an umbrella organisation for operating retail payments and settlement systems in India. It is an initiative of Reserve Bank of India (RBI) and Indian Bank’s Association (IBA) under the provisions of the payment and settlement systems Act 2007, for creating a robust payment and settlement infrastructure in India.
What is BHIM ?
Bharat Interface for Money (BHIM) is a UPI based payment interface.
Developed by National Payments Corporation of India (NPCI)
It Allows real time fund transfer
It was launched in December 2016.
What is UPI ?
Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one umbrella. Each bank provides its own UPI App for Android, Windows and iOS mobile platforms.