The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) have announced a project to link their respective fast payment systems, Unified Payments Interface (UPI) and PayNow.
- The linkage is targeted to be operational 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 the need to join the other payment system.
- The linkage builds upon the earlier efforts of NPCI International Pvt Ltd (NIPL) and Network for Electronic Transfers (NETS) to promote cross-border inter-operability of payments using cards and QR codes, between India and Singapore and will further anchor trade, travel and remittance flow between the two countries.
- UPI is India’s mobile-based, ‘fast payment’ system that allows customers to make payments round the clock using a Virtual Payment Address (VPA) created by the customer.
- PayNow is Singapore’s fast payment system that enables a peer-to-peer fund transfer service, available to retail customers through participating banks and Non-Bank Financial Institutions (NFIs) in Singapore.
(Source: AIR)
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