India, Singapore to link their fast payment systems UPI & PayNow
The Hindu
The linkage is targeted to be operationalised by July 2022.
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 which will facilitate instant low cost cross border fund transfer. The linkage is targeted to be operationalised by July 2022. “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 in a statement.
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