India to link UPI with Singapore's to enable easy fund transfers
India is set to link its fast payment system, Unified Payments Interface (UPI), with Singapore's PayNow to enable easy fund transfers between the two countries at the lowest possible cost.
Once this happens, money can be transferred from India to Singapore using mobile phone numbers and from Singapore to India using UPI virtual payment addresses, ANI reported.
Central banks of both nations will coordinate this initiative.
According to India's High Commissioner in Singapore, P Kumaran, Singapore wants to connect its PayNow with UPI, and that project will finish sometime in the next few months.
"Singapore wants to connect its PayNow with UPI and that project will finish sometime in the next few months. When that happens, anybody sitting in Singapore will be able to send money to their family members in India," Kumaran said.
PayNow is similar to RuPay, India's card payment network. It also has linkages with other Asean countries.