UPI is now related to Singapore’s PayNow; IAMAI prompts Delhi govt not to punish motorists, bike taxi companies

Prime Minister Narendra Modi and his Singaporean equivalent Lee Hsien Loong on Tuesday released cross-border connection in between the Unified Payments Interface (UPI) of India and Singapore’s PayNow. The linkage allows immediate and safe cash transfers for users of the 2 particular apps. This and more in today’s edition of ETtech Top 5. In this letter: ■ Day after restriction: IAMAI prompts Delhi govt not to punish motorists, bike taxi companies ■ Infographic Insight: What’s at stake in fight for search supremacy ■ ETtech Done Deals India and Singapore launch UPI-PayNow linkage The launch of cross-border linkage in between India and Singapore utilizing UPI and PayNow, respectively, will make it possible for users of the 2 quick payment systems in either nation to make practical, safe, immediate and economical cross-border cash transfer utilizing their particular mobile apps. Information: Money kept in checking account or e-wallets can be moved to and from India utilizing simply the UPI-ID, mobile number, or Virtual Payment Address (VPA). “Many professionals are approximating that soon India’s digital wallet deals are going to surpass money deals,” PM Modi stated after the launch. Supporting banks: At present, State Bank of India, Indian Overseas Bank, Indian Bank and ICICI Bank will assist in both inward and outside remittances. Axis Bank and DBS India will assist in inward remittances. For Singapore users, the service will be offered through DBS-Singapore and Liquid Group (a non-bank banks). Slowly, UPI-PayNow interlinkage will cover more banks and banks in India. Transfer limitation: An Indian user can at first send out up to Rs 60,000 in one day (equivalent to around SGD 1,000). For the user’s benefit, the system will dynamically compute and reveal the quantity at the time of the deal in both currencies. Day after restriction: IAMAI advises Delhi govt not to punish motorists, bike taxi companies Industry body IAMAI (Internet and Mobile Association of India) has actually sent out a letter to the Delhi federal government asking it to not punish chauffeurs and ride-hailing business like Ola, Uber, and Rapido. This follows these business were asked to stop bike taxi services right away as it breaches automobile laws. IAMAI’s argument: IAMAI argued that the main federal government’s automobile aggregator standards, released in 2020, do motivate making use of non-transport lorries, that is lorries with white number plates, to be utilized by aggregators, at the request of the state federal government. Estimate unquote: “In the lack of such a restriction, there is an absence of clearness on the position of the federal government of NCT of Delhi on this stipulation. We ask for that the Govt of NCT of Delhi consider this stipulation … and offer information en route forward,” the IAMAI stated, describing the main federal government’s draft standards. ETtech Done Deals Upskilling platform NxtWave on Tuesday stated that it has actually raised $33 million in financing led by worldwide equity company Greater Pacific Capital (GPC). Existing endeavor financier Orios Venture Partners likewise took part in the round. As a part of the d
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