India, Singapore To Link UPI And PayNow Payments System
The Reserve Bank of India (RBI) has announced to link India's UPI and Singapore's PayNow fast payment systems.
The Reserve Bank of India (RBI) has announced to link India's UPI and Singapore's PayNow fast payment systems. An agreement has been signed between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) to link the fast payment system. The system of linking UPI and PayNow will work from July 2022. Under this agreement, India's Unified Payments Interface (UPI) and Singapore's 'PayNow' will be connected to facilitate fast payments between the two countries. This will enable users to transfer money on a mutual basis at an immediate and low cost.
Beneficial for payment system
The Reserve Bank of India said the project is an important milestone in infrastructure development for cross-border payments between India and Singapore. It closely aligns with the G20s financial inclusion priorities for promoting faster, cheaper and transparent cross-border payments.
Money transfer without account number
The link between UPI and PayNow will enable customers to benefit from cross-border payment systems without sharing the account number. The link is also expected to boost trade between India and Singapore.
What is UPI
UPI, also know as unified payments interface is a mobile-based payment system used in India. Users are given a Virtual Payment Address to transfer money and make payments instantly, within 24 hours.
What is PayNow
PayNow is an electronic fund transfer service in Singapore that allows users to send or transfer money immediately using their mobile number or NRIC/FIN or UEN number instead of their bank account number.
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