India-Singapore payment systems to be linked

Transfer of money between India and Singapore is going to be cheaper and faster with the launch of connectivity between payment systems of the two nations.

The Unified Payments Interface (UPI) of India and the PayNow of Singapore will be formally linked on Tuesday.

The Prime Ministers of the two nations, Narendra Modi and Lee Hsien Loong, will attend a virtual event to mark the connectivity between the payment systems of the two nations. Shaktikanta Das, governor of the Reserve Bank of India (RBI), and Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), will launch the connectivity.

The linkage of these two payment systems would enable residents of both countries in faster and cost-efficient transfer of cross-border remittances. It will also help the Indian diaspora in Singapore, especially migrant workers and students, by providing them a means of instantaneous and low-cost transfer of money from Singapore to India and vice-versa, according to an official press release.