India's UPI and Singapore's PayNow linkage
India's Unified Payments Interface — better known as UPI — and Singapore's PayNow have officially connected to allow for a “real-time payment linkage”. Singapore has now become the first country with which cross-border Person to Person (P2P) payment facilities have been launched. This will help the Indian diaspora in Singapore, especially migrant workers/students and bring the benefits of digitalisation and FINTECH to the common man through instantaneous and low-cost transfer of money from Singapore to India and vice-versa. According to the RBI Remittance Survey, 2021, Singapore figures in the top four inward remittances market for India.
UPI or Unified Payments Interface, developed by National Payments Corporation of India (NPCI), is a quick payment method that enables the instantaneous transfer of funds through a mobile phone.
Once implemented, fund transfers can be made from India to Singapore using mobile phone numbers, and vice versa using UPI virtual payment addresses.
