Money & Banking

RBI, Monetary Authority of Singapore announce project to link UPI and PayNow

Our Bureau | | | Updated on: Dec 05, 2021

Linkage will enable users of each of the two systems to make instant, low-cost fund transfers on reciprocal basis

In a boost to the Unified Payments Interface, the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) have announced a project to link their respective fast payment systems — UPI and PayNow.

“The linkage is targeted for operationalisation by July 2022,” the RBI said on Tuesday.

The UPI-PayNow linkage will enable users of each of the two fast payment systems to make instant, low-cost fund transfers on a reciprocal basis without a need to get onboarded onto the other payment system, it further said.

UPI registers robust growth in August

PayNow is the fast payment system of Singapore which enables peer-to-peer funds transfer service, available to retail customers through participating banks and non-bank financial institutions (NFIs) in Singapore. It enables users to send and receive instant funds from one bank or e-wallet account to another in Singapore by using just their mobile number, Singapore NRIC/FIN, or VPA.

The technology-led payments revolution

The linkage builds upon the earlier efforts of NPCI International Private Limited and Network for Electronic Transfers (NETS) to foster cross-border interoperability of payments using cards and QR codes, between India and Singapore and will further anchor trade, travel and remittance flows between the two countries.

Published on September 14, 2021
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