BHIM UPI goes international, launches at Singapore FinTech Festival
A pilot demo of BHIM UPI QR-based payments in Singapore began on Wednesday through a live transaction at a merchant terminal at the ongoing 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 would end 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. "This is the first time that BHIM app has gone international," said Indian High Commissioner to Singapore Jawed Ashraf, who launched the live demo. 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, said the High Commission. "This is another achievement for fintech (financial technology) cooperation between India and Singapore, after the launch of RuPay In