India, Singapore link UPI, PayNow digital payment systems for cross-border transactions: All details

Prime Minister Narendra Modi and his Singaporean counterpart Lee Hsien Loong will witness the launch and link-up of cross-border connectivity between India’s Unified Payments Interface (UPI) and Singapore’s PayNow on Tuesday.

The linking of these two payment systems of both countries will allow residents of both countries to transfer money across borders faster and more cost-effectively.

The launch is scheduled for 11 a.m. Tuesday and will be held via videoconference.

Shaktikanta Das, Governor, Reserve Bank of India (RBI), and Ravi Menon, Managing Director, Monetary Authority of Singapore (MAS) will host the launch event.

India has emerged as one of the fastest growing ecosystems for financial technology innovation.

The government led by Prime Minister Narendra Modi has played an important role in driving the globalization of India’s digital payments infrastructure.

Prime Minister Modi’s main emphasis is on ensuring that the interests of UPI Not only limited to India, but other countries also benefit from it.

“It will also help the Indian community in Singapore, especially migrant workers and students, through instant and low-cost remittances from Singapore to India and vice versa,” the Prime Minister’s Office said. know in a statement.

Meanwhile, taking into account the popularity of the UPI payment system, the Reserve Bank of India has proposed to allow all domestic tourists to India to use UPI to pay merchants while they are in the country. water.

The UPI payment system has become extremely popular for retail digital payments in India and the adoption of this system is increasing at a rapid rate.

On February 8, the governor of the RBI made the announcement while pondering the outcome of the three-day meeting of the monetary policy committee.

For starters, the facility will be extended to tourists from G-20 countries to “selected international airports”.