scorecardresearch
Follow Us:
Saturday, September 25, 2021

India, Singapore to link digital payment systems

The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) on Tuesday announced a project to link their respective fast payment systems -- Unified Payments Interface (UPI) and PayNow.

By: ENS Economic Bureau | Mumbai |
September 15, 2021 1:57:15 am
“The UPI-PayNow linkage will enable users of each of the two fast payment systems to make instant, low-cost fund transfers on a reciprocal basis without a need to get onboarded onto the other payment system,” the RBI said.

The central banks of India and Singapore will link their digital payment systems for “instant, low-cost fund transfers”. The linkage, which is targeted for operationalisation by July 2022, is expected to incentivise more retail investors to access global markets and make fund transfer cheaper.

The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) on Tuesday announced a project to link their respective fast payment systems — Unified Payments Interface (UPI) and PayNow.

“The UPI-PayNow linkage will enable users of each of the two fast payment systems to make instant, low-cost fund transfers on a reciprocal basis without a need to get onboarded onto the other payment system,” the RBI said.

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Business News, download Indian Express App.

  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
Advertisement
Advertisement
Advertisement
Advertisement