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UPI PayNow digital payments systems linked between India and Singapore

India's Unified Payments Interface (UPI) of India and Singapore's PayNow digital payments systems to be linked.
UPI Paynow linkage

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. 🇮🇳 🇸🇬

— 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.

Published date : 21 Feb 2023 01:42PM

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