The central banks of India and Singapore will link their digital payment systems for “instant, low-cost fund transfers”, said the 2 sides on Tuesday, getting to finish the project by July 2022.
Linking Reserve Bank’s Unified Payments Interface (UPI) and Monetary Authority of Singapore’s are going to be a “milestone within the development of infrastructure for cross-border payments”, said the Indian financial institution during a press statement. The linkage are going to be reciprocal and won’t need users to urge “onboarded” onto either payment system.
UPI, which supports person to person and person to merchant payments, is India’s flagship payment platform and logged quite 3 billion transactions for the second consecutive month during a row in August. it had been launched in 2016 and has seen sharp growth during the Covid-19 outbreak.
PayNow enables peer-to-peer funds transfer service, enabling users to send and receive instant funds from one bank or e-wallet account to a different in Singapore.
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