India's UPI and Singapore's PayNow has launched the realtime cross border payment systems linkage

Prime Minister Narendra Modi along with Reserve Bank of India Governor Shaktikanta Das and the Prime Minister of Singapore Lee Hsien Loong has launched the cross-border connectivity between Unified Payments Interface (UPI) of India and PayNow of Singapore on Tuesday.

UPI-PayNow

The UPI Integration with PayNow enables Low-cost, Faster and 24*7 cross border payments using Google Pay, Paytm and other digital payments to transfer money instantly through mobile number to people  in Singapore and Vice versa. UPI was developed by National Payments Corporation of India (NPCI). UPI process will eliminate the risk of sharing bank account details creation through Virtual Payment Address (VPA).

PayNow is just like UPI in which users can send/receive payments in Singapore easily with the Mobile number.People in both the countries will be able to send/receive payments in real time using QR code scanner or just by entering Mobile number.

This facility will benefit Students and Migrant workers as it allows cost effective, faster and efficient fund transfer between both the countries. It also creates a new path in the development of next generation infrastructure for cross border payments between India and Singapore.