Decoded: What the India-Singapore real-time payment linkage is all about

India, Singapore cross-border retail payments & remittances amount to over $1 billion annually

Subrata Panda Mumbai

On Tuesday, India and Singapore launched a real-time linkage between their respective payment systems – Unified Payments Interface (UPI) and PayNow – to facilitate seamless cross-border payments. 
The pact to link UPI and PayNow was signed back in September 2021 to enable users to make low-cost fund transfers between the two countries.
The linkage was kicked off by a live cross-border transaction between Reserve Bank of India Governor Shaktikanta Das and Monetary Authority of Singapore (MAS) Managing Director Ravi Menon using mobile phones. 

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First Published: Feb 22 2023 | 4:42 PM IST

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