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India, Singapore to link UPI, PayNow; money transfers to get cheaper for migrant workers

ET Now, India & Singapore, 11 November 2022 - The Reserve Bank of India (RBI) and Singapore's central bank, the Monetary Authority of Singapore (MAS), have been working on linking the United Payments Interface (UPI) and PayNow, a project that is expected to roll out very soon.

India and Singapore have completed technical preparations to link their fast payment systems UPI and PayNow to enable fund transfers between the two countries instantaneously and at low cost, a move which is aimed at benefitting migrant workers.

The Reserve Bank of India (RBI) and Singapore's central bank, the Monetary Authority of Singapore (MAS), have been working on linking the United Payments Interface (UPI) and PayNow, a project that is expected to roll out very soon.

"Singapore wants to connect its PayNow with UPI and that project will finish sometime in the next few months when that happens anybody sitting in Singapore will be able to send money to their family members in India," India's High Commissioner in Singapore P Kumaran said.

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Source: https://www.timesnownews.com/business-economy/industry/india-singapore-to-link-upi-paynow-to-make-money-transfers-cheaper-for-migrant-workers-article-95438247

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