INSUBCONTINENT EXCLUSIVE:
India and Singapore have decided to link their respective payment interface systemsThe Reserve Bank of India (RBI) along with the Monetary
Authority of Singapore (MAS) have agreed to link their fast payment system interface, that is Unified Payments Interface (UPI) and PayNow
The move will allow their respective users to make fast and low cost online transfers without onboarding on to each other's payment
system.According to a statement by the RBI, the combined payment platform will come into effect by July 2022.The UPI-PayNow linkage is being
seen as a major step towards setting up a system for facilitating cross-border payments between India and Singapore
The agreement, RBI said, is also in line with G-20's goal of financial inclusion and encouraging faster and transparent cross border
payments among member nations.UPI is a mobile based quick payment system which allows users to make payments on 24 hours basis with the help
of a virtual payment address (VPA), which is created by the customer
International Private Limited and Singapore's Network For Electronic Transfers (NETS) had collaborated to facilitate cross border usage of
