Table of Contents
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.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
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.
Philips Domestic Appliances Globally Renamed as Versuni
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.
Also Read: PhonePe launches cross-border UPI payments service