PMs Of India And Singapore To Witness Launch Of Real-time Payment Systems Linkage Between The Two Countries Tomorrow

PMs Of India And Singapore To Witness Launch Of Real-time Payment Systems Linkage Between The Two Countries Tomorrow

Cross-border connectivity to be launched between UPI of India and PayNow of Singapore, linkage of these two payment systems to enable faster and cost-efficient transfer of money

New Delhi, February 20 (TNA) Indian Prime Minister Narendra Modi and his Singapore counterpart Lee Hsien Loong would witness the launch of cross-border connectivity between the Unified Payments Interface (UPI) of India and PayNow of Singapore on Tuesday at 11 AM (IST) via video conferencing.

The launch will be done by Shaktikanta Das, Governor, Reserve Bank of India (RBI), and Ravi Menon, Managing Director, Monetary Authority of Singapore (MAS). India has emerged as one of the fastest-growing ecosystems for fintech innovation.

The linkage of these two payment systems would enable residents of both countries in faster and cost-efficient transfer of cross-border remittances. It will also help the Indian diaspora in Singapore, especially migrant workers and students through instantaneous and low cost transfer of money from Singapore to India and vice-versa.

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