The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) announced a project to link their respective fast payment systems — Unified Payments Interface (UPI) and PayNow — to facilitate instant, low-cost, cross-border fund transfers.
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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.
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