India and Singapore are all set to connect their fast payment systems ‘PayNow’ and ‘UPI’ for enabling an inexpensive and instant transfer of funds between the two countries.
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India and Singapore are all set to connect their fast payment systems ‘PayNow’ and ‘UPI’ for enabling an inexpensive and instant transfer of funds between the two countries. The money, under the proposed linkage would be transferred using mobile phone numbers from India to Singapore, and using UPI virtual payment addresses from Singapore to India (VPA).
The central banks of both the countries, the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS), are working on the project to connect the United Payments Interface (UPI) and PayNow. The link is expected to be introduced in the coming few months.
India’s High Commissioner to Singapore P Kumaran said, “Singapore wants to connect its PayNow with UPI and that project will finish sometime in the next few months when that happens anybody sitting in Singapore will be able to send money to their family members in India”.
A link like UPI-PayNow could turn out to be a model for establishing an infrastructure for cross-border payments between India and ASEAN countries.
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