The recent advancement made by Singapore’s PayNow and India’s UPI is a fantastic initiative that will have a positive impact on individuals, businesses, and the global community. Making payments more accessible and convenient for the Indian diaspora is a goal we have in common at Instarem.
“In October 2022, just in time for Diwali, Instarem rolled out UPI transfers to India globally and has since seen an 4X increase in transfers made via UPI. This highlights the fact that fintech’s are great sandboxes, lending a glimpse into what will successfully unfold for the rest of the industry. Other successful endeavours from Instarem’s end have been the real time payments link with DuitNow in Malaysia and the AliPay wallet in China, which could indicate what we can expect next for Singapore and Pay Now connectivity?” said Yogesh Sangle, Head of Instarem.
Transfers made via Instarem into India have been instant, in addition to the benefits that Instarem has always offered – being able to send any amount, from anywhere at any time at a substantially better cost to traditional banks.
Instarem is a leading cross border payments business, focused on offering cross-border payments to businesses and individuals. It enables users to make overseas money transfers and payments, in a simple way. With our network in over 100 markets, 65 markets in real-time, Instarem is setting a precedent in bridging currency borders by making global money transfers quick, easy, and cost-effective. We are a trusted licensed service provider with licenses in Australia, Singapore, Japan, Indonesia, Hong Kong, Malaysia, India, UK, US, EU and Canada. Instarem is powered by the Nium platform.