India, Singapore to link UPI, PayNow for instant fund transfer

India, Singapore to link UPI, PayNow for instant  fund transfer

Photo for representational purpose only.

Mumbai, September 14

India and Singapore will link their respective fast payment systems — Unified Payments Interface (UPI) and PayNow — to enable users to make instant, low-cost fund transfers on a reciprocal basis, the RBI said on Tuesday.

“The UPI-PayNow linkage will enable users of each of the two fast payment systems to make instant, low-cost fund transfers on a reciprocal basis without a need to get onboarded onto the other payment system,” it said.

RBI said the UPI-PayNow linkage is a significant milestone in the development of infrastructure for cross-border payments between India and Singapore, and closely aligns with the G20’s financial inclusion priorities of driving faster, cheaper and more transparent cross-border payments. — PTI

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