India’s UPI, Singapore’s PayNow to be linked for cross-border remittances
HY News
21 February, 2023 08:57 am IST
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The Unified Payments Interface (UPI) of India and PayNow of Singapore will be linked to enable faster and cost-efficient transfer of cross-border remittances.
Prime Minister Narendra Modi and Singapore Prime Minister Lee Hsien Loong would virtually witness the launch of cross-border connectivity on 21 February.
According to the Prime Minister’s Office, the launch will be done by Reserve Bank of India (RBI) Governor Shaktikanta Das, and Monetary Authority of Singapore (MAS) Managing Director Ravi Menon.
The move will ensure that the benefits of UPI are not limited to India only, but other countries too benefit from it.
A link like UPI-PayNow could serve as a model for establishing an infrastructure for cross-border payments between India and Asean countries, the PMO said.
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