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Wednesday, September 22, 2021

India, Singapore to link digital payment systems

The central banks of India and Singapore will link their digital payment systems for “instant, low-cost fund transfers”. The linkage, which is focused for operationalisation by July 2022, is anticipated to incentivise extra retail buyers to entry international markets and make fund switch cheaper.

The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) on Tuesday introduced a venture to link their respective quick payment systems — Unified Payments Interface (UPI) and PayNow.

“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,” the RBI stated.

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