India, Singapore inks pact to ease cross-border transactions
In a bid to boost Digital payment cross border the Reserve Bank of India together with the Monetary Authority of Singapore, signed a pact to link their integrated payment systems, namely India’s Unified Payments Interface (UPI) and Singapore’s PayNow.
A notification issued by the RBI read that the UPI-PayNow collaboration will facilitate users to make low-cost cross-border find transfers in an instant on a reciprocal basis without a need to get onboarded onto the other payment system. The UPI-PayNow linkage is expected to be
The UPI-PayNow linkage is named as a significant milestone in developing a cross-border payment infrastructure between India and Singapore. “It closely aligns with the G20’s financial inclusion priorities of driving faster, cheaper and more transparent cross-border payments,” said RBI. The initiative is also in line with the apex bank’s vision of reviewing corridors and charges for inbound cross-border remittances outlined in the Payment Systems Vision Document 2019-21.
The linkage builds upon NPCI International Private Ltd (NIPL) and Network for Electronic Transfers (NETS) to foster cross-border payments using cards and QR codes between India and Singapore and will further anchor trade, travel, and remittance flows between the two countries.
