PM Narendra Modi and PM of Singapore Lee Hsien Loong witness the launch of UPI-PayNow linkage between the two countries by RBI Governor Shaktikanta Das and Ravi Menon, MD of the Monetary Authority of Singapore, via video conferencing.
A new milestone in India-Singapore relations as we link real-time digital payments systems. 🇮🇳 🇸🇬 https://t.co/SubBSNyMO8
— Narendra Modi (@narendramodi) February 21, 2023
The launch of the UPI-PayNow linkage (between India and Singapore) is a gift to the citizens of the two countries, which they were waiting for eagerly. I congratulate the people of both India and Singapore for this, PM Narendra Modi said.
Unified Payments Interface, developed by National Payments Corporation of India (NPCI), is a quick payment method that enables the instantaneous transfer of funds through a mobile phone. Similar to India’s fast payment system - UPI - PayNow is Singapore’s counterpart.
Once implemented, fund transfers can be made from India to Singapore using mobile phone numbers, and vice versa using UPI virtual payment addresses.
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