India’s UPI, Singapore’s PayNow to be integrated
The Unified Payments Interface (UPI) of India and PayNow of Singapore will be integrated, to facilitate quicker and more affordable cross-border remittance transfers. On February 21, cross-border connectivity would essentially be launched in front of Prime Ministers Lee Hsien Loong of Singapore and Narendra Modi of India.
India’s UPI, Singapore’s PayNow to be integrated: Key Points
● The Reserve Bank of India’s (RBI) Governor Shaktikanta Das and the Monetary Authority of Singapore’s (MAS) Managing Director Ravi Menon will conduct the launch, according to the Prime Minister’s Office.
● The action will ensure that UPI’s advantages don’t just apply to India but also to other nations.
● The use of UPI-PayNow will help workers who visit Singapore for a brief time and normally forgo roughly 10% of their earnings in bank fees for money transfers.
Benefits of the linking of UPI of India and PayNow of Singapore:
● According to the PMO, a link like UPI-PayNow could be used as a template for building an infrastructure for cross-border payments between India and Asean nations.
● By rapid and inexpensive money transfers from Singapore to India and vice versa.
● It will also benefit the Indian diaspora in Singapore, particularly migrant workers and students.
● Such Asean cooperation on payment connection will help visitors, small companies, and enterprises, as well as migrating workers.