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India and Singapore sign pact for instant flow of retail payments

RBI, MAS ink pact to link UPI and PayNow; may operationalise by July 2022

digital payments, online, mobile, smartphone, ncpi, upi, fintech

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India is the largest recipient of inbound remittances across the globe accounting for 15 per cent of the global share

5 min read Last Updated : Sep 15 2021 | 2:32 AM IST

Come July 2022, people in India and Singapore can transfer money to each other in an instant, a major step towards full currency convertibility for the Indian rupee.

The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) on Tuesday said they would link their respective fast payments systems — Unified Payments Interface (UPI) and PayNow — to enable users to make low-cost fund transfers between the two countries.

UPI, developed by National Payments Corporation of India, facilitates instant money transfer and payments through mobile phones. PayNow is the UPI equivalent of Singapore. The money transfer facility

Topics : payments Singapore RBI UPI Payment National Payments Corporation of India NPCI

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