Скачать или смотреть India and Singapore link UPI and PayNow in cross-border payments push

The linkage between India’s Unified Payments Interface (UPI) and PayNow of Singapore has been officiated by India’s Prime Minister Narendra Modi and Singapore’s Prime Minister Lee Hsien Loong.

A live cross-border fund transfer has been performed by Ravi Menon, Managing Director of the Monetary Authority of Singapore, and Reserve Bank of India Governor Shaktikanta Das.

This linkage of UPI and PayNow will enable residents of both countries to transfer cross-border remittances faster and more cost-efficient. Apart from that, it will also benefit the Indian diaspora in Singapore, especially migrant workers and students, through the instantaneous and low-cost transfer of money from Singapore to India and vice-versa.

Prime Minister Narendra Modi has stressed that the benefits of UPI are not limited to India alone but extend to other countries too. This linkage of UPI and PayNow also marks a significant milestone in the G20’s financial inclusion priorities of driving faster, cheaper, and more transparent cross-border payments.

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