BUSINESS

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BUSINESS

India's UPI, Singapore's PayNow integrated

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UPI and PayNow integrated

India's UPI and Singapore's PayNow systems have been linked. Prime Minister Narendra Modi and Singapore Prime Minister Lee Hsien Loong witnessed the launch virtually today.

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RBI-MAS

UPI-PayNow connectivity was launched by RBI Governor Shaktikanta Das and Monetary Authority of Singapore's MD Ravi Menon. They signed MoU for the linkage in 2021.

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Cross-border transactions made easier

The UPI-PayNow integration enables users to make instant, cheap fund transfers from one bank account to another between India and Singapore.

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PM Modi lauded the initiative

PM Modi called the launch of UPI-PayNow linkage "a gift to the citizens of the two countries." He congratulated the people of both countries.

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Boost Digital Payments

This initiative will help to reduce the cost and time of cross-border payments and will also help to promote digital payments.