UPI, Singapore's PayNow Integration Soon: Official At G20 Meet
NDTV
There will be interoperability of the two digital payment networks, allowing seamless remittances between the two countries at a highly competitive rate.
The Monetary Authority of Singapore on Monday said integration of India's Unified Payment Interface (UPI) and equivalent network in Singapore, known as PayNow, will begin anytime soon, which in turn will reduce the remittance cost by 10 per cent.
There will be interoperability of the two digital payment networks, allowing seamless remittances between the two countries at a highly competitive rate.
"Integration of UPI and Singapore's PayNow with India is ready and waiting for launch," Singapore central bank's chief fintech officer Sopnendu Mohanty said at the G20 meeting on financial inclusion at Kolkata.
"As of now, remittance to India is at least 1 billion Singapore Dollars and India to Singapore will be 200-300 million Singapore Dollars," Mohanty said.
