UPI-PayNow

The introduction of cross-border linkage between the Unified Payments Interface (UPI) of India and PayNow of Singapore has been observed by Prime Ministers ...

Monetary Authority of Singapore managing director Ravi Menon made a live demonstration of a cross-border payment transfer with his counterpart, ...

The facility was launched through token transactions using the UPI-PayNow linkage. PM Modi called the venture a new milestone in relations between the two ...

"The PayNow-UPI linkage is the world's first such linkage featuring cloud-based infrastructure and participation by non-bank financial institutions. To begin with, an Indian user can remit up to ₹60,000 in a day - equivalent to around S$1,000. Normally, it is confined within the boundaries of one country.

The move will aid the Indian diaspora in Singapore, especially students and migrant workers, by allowing instantaneous and low-cost money transfers between ...

“Delighted to launch the linkage between PayNow and India’s Unified Payments Interface (UPI) with PM Narendra Modi today. The linkage is set to ease financial transactions for the Indian diaspora. “Today is a special day for India-Singapore friendship and for our efforts to deepen collaboration in FinTech and innovaton.

State Bank of India's (SBI) BHIM SBIPay mobile application will now be available for real-time payments between India and Singapore. Advertisement.

The UPI-PayNow linkage is a significant milestone towards development of infrastructure for cross-border payments between India and Singapore,” the bank said in a statement. State Bank of India, the country’s largest lender, on February 22, 2023 announced that its BHIM SBIPay has been integrated with the new real-time payments system between India and Singapore. Through the UPI system, Indians can send or receive money through their mobile phone numbers in a similar manner.

India has officially linked its flagship online payment system with that of Singapore for seamless cross-border transactions between the two countries.

In the grand scheme, this creates an enabling environment for innovators and regulators to accelerate the delivery of effective digital payments solutions," Sinha said. This will also establish a significant foundation for cross-border payments between India and ASEAN countries, creating a favourable environment for digital payments beyond borders. The Reserve Bank of India (RBI) said that for Singapore users, the service will be made available through DBS-Singapore and Liquid Group (a non-bank financial institution). Since this is a new payment facility, its success will also depend on the guidance and assistance that the customers in Singapore might need. [With this facility](https://www.cnbctv18.com/personal-finance/india-upi-singapore-paynow-payment-linked-who-benefits-how-it-works-money-transfer-15992751.htm), funds held in bank accounts or e-wallets can be transferred to/from India using just the UPI ID, mobile number, or VPA. However, with this payment facility, both inward and outward remittances will happen instantly with just a VPA or UPI ID, said Mandar Agashe, MD at Sarvatra Technologies ltd.