Singapore's PayNow links with India's UPI to provide real-time cross-border payments.


India's real-time retail payment system, Unified Payments Interface (UPI), and Singapore's equivalent network, PayNow, have been integrated to enable quicker and more affordable cross-border remittances. This integration was launched by the Reserve Bank of India's Governor Shaktikanta Das and the Monetary Authority of Singapore's Managing Director Ravi Menon in the presence of Indian Prime Minister Narendra Modi and Singapore's Prime Minister Lee Hsien Loong. This move is expected to facilitate faster digital payments between the two countries through apps like Paytm and BharatPe.


UPI payment system:
The Unified Payments Interface (UPI) is a fast payment system in India that allows customers to make instant payments using a Virtual Payment Address (VPA) they create. This eliminates the need to share bank account details with the recipient, reducing the risk of fraud. UPI supports both Person-to-Person (P2P) and Person-to-Merchant (P2M) payments, and enables users to easily send and receive money. The system operates 24/7 and is mobile-based, making it accessible and convenient for users.

Paynow payment system:
PayNow is a rapid payment system in Singapore that facilitates the transfer of funds between individuals. It is accessible to retail customers through participating banks and Non-Bank Financial Institutions (NFIs) in Singapore. With PayNow, users can instantly send and receive funds from one bank or e-wallet account to another within Singapore using their mobile number, Singapore National Registration Identity Card (NRIC)/Foreign Identification Number (FIN), or VPA.


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