Unified Payments Interface (UPI) of India and PayNow of Singapore have been linked earlier today at a virtual event, which was attended by Prime Minister Narendra Modi and his Singaporean counterpart Lee Hsien Loong.
In what is a first-of-its-kind collaboration with another country, India and Singapore on Tuesday linked their respective online payments systems -- Unified Payments Interface (UPI) of India and PayNow of Singapore -- for seamless cross-border transactions between the two countries.
"As India's 1st first cross-border real-time payment partner, this milestone initiative reflects the deep trust between both countries and will take the bilateral relationship to even greater heights. We look forward to continue to be part of India's digital transformation journey," said Sim
India and Singapore have completed technical preparations to link their fast payment systems UPI and PayNow to enable fund transfers between the two countries instantaneously and at low cost, a move which is aimed at benefitting migrant workers.
New Delhi [India], September 14 (ANI): The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) have announced a project to link their fast payment systems -- Unified Payments Interface (UPI) and PayNow.