India, Singapore to link UPI, PayNow for instant fund transfer

Mumbai, September 14

India and Singapore will link their respective fast payment systems — Unified Payments Interface (UPI) and PayNow — to enable users to make instant, low-cost fund transfers on a reciprocal basis, the RBI said on Tuesday.

“The UPI-PayNow linkage will enable users of each of the two fast payment systems to make instant, low-cost fund transfers on a reciprocal basis without a need to get onboarded onto the other payment system,” it said.

RBI said the UPI-PayNow linkage is a significant milestone in the development of infrastructure for cross-border payments between India and Singapore, and closely aligns with the G20’s financial inclusion priorities of driving faster, cheaper and more transparent cross-border payments. — PTI