UPI, PayNow Fast Payment Systems to Be Linked by India, Singapore

The UPI-PayNow linkage is targeted for operationalisation by July 2022.

UPI, PayNow Fast Payment Systems to Be Linked by India, Singapore

Photo Credit: Pexels/ Porapak Apichodilok

UPI is India's mobile based payment system that facilitates customers to make round-the- clock payments

Highlights
  • UPI supports both P2P and P2M payments
  • PayNow is the fast payment system of Singapore
  • It enables users to send and receive instant funds

The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) have announced a project to link their fast payment systems - Unified Payments Interface (UPI) and PayNow.

The linkage is targeted for operationalisation by July 2022.

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 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.

The linkage builds upon the earlier efforts of NPCI International Private Ltd (NIPL) and Network for Electronic Transfers (NETS) to foster cross-border interoperability of payments using cards and QR codes between India and Singapore.

An official statement said it will further anchor trade, travel and remittance flows between the two countries. This initiative is also in line with RBI's vision of reviewing corridors and charges for inbound cross-border remittances outlined in the Payment Systems Vision Document 2019-21.

UPI is India's mobile based, fast payment system that facilitates customers to make round-the- clock payments instantly using a Virtual Payment Address (VPA) created by the customer. This eliminates the risk of sharing bank account details by the remitter.

UPI supports both Person to Person (P2P) and Person to Merchant (P2M) payments as also it enables a user to send or receive money.

PayNow is the fast payment system of Singapore which enables peer-to-peer funds transfer service, available to retail customers through participating banks and Non-Bank Financial Institutions (NFIs) in Singapore.

It enables users to send and receive instant funds from one bank or e-wallet account to another in Singapore by using just their mobile number, Singapore NRIC/FIN, or VPA.


This week on Orbital, the Gadgets 360 podcast, we discuss iPhone 13 leaks and what we expect from the Apple event. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.
Comments

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Vivo X70 Pro+ Spotted on Google Play Console Ahead of Rumoured India Launch
iQoo Z5 Pro Specifications Tipped via Alleged Google Play Console Listing, Official-Looking Image Leaked

Related Stories

Share on Facebook Tweet Snapchat Share Reddit Comment
 
 

Advertisement

Advertisement

© Copyright Red Pixels Ventures Limited 2021. All rights reserved.
Listen to the latest songs, only on JioSaavn.com