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India and Singapore plan to connect their quick payment systems, UPI and PayNow to ease simple financial transfers

In order to facilitate simple financial transfers between the two countries at the lowest feasible cost, India is planning to connect its quick payment system, the Unified Payments Interface (UPI), with Singapore's PayNow.

By wasmulhaq 
Updated Date

New Delhi: In order to facilitate simple financial transfers between the two countries at the lowest feasible cost, India is planning to connect its quick payment system, the Unified Payments Interface (UPI), with Singapore’s PayNow.

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Once this happens, money can be sent using mobile phone numbers from India to Singapore and UPI virtual payment addresses from Singapore to India, as per a report by a news agency.

This project will be coordinated by both countries’ central banks.

P Kumaran, the Indian High Commissioner in Singapore, claims that Singapore intends to link up its PayNow system with UPI, and that project will be completed in the next few months.

“Singapore aims to link its PayNow service to UPI, and work on that project is expected to be finished in the next few months.” “When the project is finalized, then anybody can transfer money from Singapore to their family members in India,” Kumaran said.

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PayNow functions like RuPay, India’s card payment network. It has been linked with other Asean countries.

The new facility is likely to increase trade between the two nations. With this scheme, the relationship between the two countries would be more concrete.

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