Prime Minister Mr. Narendra Modi and Prime Minister of Singapore Mr. Lee Hsien Loong participated in the virtual launch of UPI-PayNow linkage between India and Singapore

Prime Minister Mr. Narendra Modi and Prime Minister of Singapore, Mr. Lee Hsien Loong participated in the virtual launch of real-time payment linkage between the Unified Payments Interface (UPI) of India and PayNow of Singapore.

Mr. Shaktikanta Das, Governor of the Reserve Bank of India and Mr. Ravi Menon, Managing Director, Monetary Authority of Singapore made live cross-border transactions with each other using their respective mobile phones.

The first nation with which a cross-border Person-to-Person (P2P) payment facility has been introduced, is Singapore, which will benefit the Indian diaspora in Singapore, particularly migrant workers and students. This will extend the advantages of digitalization through quick and inexpensive money transfers from Singapore to India and vice versa and fintech to the general public. In a few Singaporean retail locations, UPI payments using QR codes are already accepted.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.