India, Singapore launch linkage of real-time payment systems

India and Singapore have launched a joint digital payment mechanism enabling residents of both the countries to make easy and faster cross-border transactions. Unified Payments Interface (UPI) of India and PayNow of Singapore have made a tie-up to facilitate these transactions.

Prime Minister Narendra Modi and Prime Minister of Singapore, 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 today.

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

This real-time payment systems will help the Indian diaspora in Singapore, especially migrant workers/students and bring the benefits of digitalisation and FINTECH to the common man through instantaneous and low-cost transfer of money from Singapore to India and vice-versa. Acceptance of UPI payments through QR codes is already available in selected merchant outlets in Singapore.

The virtual launch was preceded by a phone call between the two Prime Ministers, wherein discussions were held on areas of mutual interest. Prime Minister thanked Prime Minister Lee for his partnership in taking the India-Singapore relationship forward and looked forward to working with him under India's G20 Presidency.

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