PayNow to link with India's UPI for low-cost instant fund transfers

Tuesday 14 September 2021 15:35 CET | News

The Monetary Authority of Singapore (MAS) and the Reserve Bank of India have announced plans to link Singapore's PayNow system with India's UPI real-time payment system.

MAS officials have stated that by reducing the cost and inefficiencies of remittances between Singapore and India, the PayNow-UPI linkage will directly benefit individuals and businesses in Singapore and India that rely on this mode of payment.

People and businesses will be able to make instant, low-cost fund transfers across Singapore and India when the countries' two real-time payment systems are linked by July 2022.

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Keywords: PayNow, UPI, money transfer, money remittance
Categories: Payments & Commerce
Countries: India, Singapore
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