Quick Summary
The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) announce a project to link their respective fast payment systems viz. Unified Payments Interface (UPI) and PayNow. The linkage is targeted for operationalisation by July 2022. The UPI-PayNow linkage will enable users of
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FAQ :
India's Unified Payments Interface (UPI) and Singapore's PayNow are being linked.
The linkage is targeted for operationalisation by July 2022.
Users will be able to make instant, low-cost fund transfers between India and Singapore on a reciprocal basis without needing to join the other payment system.
UPI is India's mobile-based fast payment system that allows instant, round-the-clock payments using a Virtual Payment Address (VPA), eliminating the need to share bank account details.
PayNow is Singapore's fast payment system enabling instant peer-to-peer fund transfers between bank or e-wallet accounts using a mobile number, NRIC/FIN, or VPA.
The linkage is a significant milestone for cross-border payments between India and Singapore, aligning with G20 priorities for financial inclusion and faster, cheaper, more transparent cross-border payments.
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