INDIA, SINGAPORE TO LINK FAST PAYMENT SYSTEMS

About:

• 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.
  
  
• UPI is India’s mobile-based, ‘fast-payment’ system that facilitates customers to make round-the-clock payments instantly using a virtual payment address created by the customer.
  
  
• PayNow is the fast payment system of Singapore that enables peer-to-peer fund-transfer service.