India's real-time retail payment system Unified Payments Interface (UPI), which has enabled quick digital payments through apps such as BharatPe and Paytm, and its equivalent network in Singapore, PayNow, were integrated today to facilitate faster remittances between the two countries at a competitive rate.
Governor of the Reserve Bank of India Shaktikanta Das and Managing Director of the Monetary Authority of Singapore (MAS) Ravi Menon unveiled the new linkage in the presence of Prime Ministers Narendra Modi and Lee Hsien Loong.
Unified Payments Interface (UPI) is India's mobile-based quick payment system that enables users to make instant payments 24 hours a day, 7 days a week using a Virtual Payment Address (VPA) that they generate. It eliminates the possibility of the sender disclosing bank account information. UPI facilitates both Person-to-Person (P2P) and Person-to-Merchant (P2M) transactions, as well as the sending and receiving of funds.
PayNow is Singapore's rapid payment system. It makes peer-to-peer money transfer available to retail clients in Singapore through partner banks and Non-Bank Financial Institutions (NFIs). With only their mobile number, Singapore National Registration Identity Card (NRIC)/Foreign Identification Number (FIN), or VPA, users may transfer and receive instant funds from one bank or e-wallet account to another in Singapore.
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