India, Singapore to link their fast payment systems UPI & PayNow

  • The Reserve Bank of India and the Monetary Authority of Singapore on Tuesday announced a project to link their respective fast payment systems – Unified Payments Interface and PayNow which will facilitate instant low cost cross border fund transfer.
  • UPI is India’s mobile based, ‘fast payment’ system that facilitates customers to make round the clock payments instantly using a Virtual Payment Address created by the customer.
  • 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 in Singapore.

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