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India And Singapore Links UPI With PayNow

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India and Singapore have linked their digital payments systems, UPI and PayNow, to enable instant and low-cost fund transfers.

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The linkage went live on Tuesday and eight banks are participating in the collaboration.

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The cross-border flow of money between the two nations amounts to more than $1 billion each year.

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Citizens in each nation can use their local payments systems to send money to those in the foreign land in “real-time.”

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For now, an Indian user can remit up to 1,000 Singapore dollars a day.

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UPI is the most popular way Indians transact online, processing over 8 billion transactions a month.

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Singapore’s PayNow also offers interoperability between banks and payments apps in the nation.

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Nearly 250 million people across the world send over $500 billion in cross-border remittances annually.

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India plans to use its ongoing presidency of the G20 forum to make presentations about its digital infrastructure.

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Tuesday’s announcement is a major push to disrupt the cross-border flow of money and reduce fees that are currently extremely high.

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