New Delhi:
In a first, India and Singapore today linked their online payment systems to facilitate cross-border transfers. The real-time link will enable faster remittance between the two countries along with lower cost of payments.
Here are 10 points about the UPI-PayNow link:
India's Unified Payments Interface (UPI) is an instant real-time payments system, allowing users to transfer money across multiple banks without disclosing bank account details.
UPI payments system has become hugely popular for retail digital payments in India, and its adoption is increasing at a rapid pace.
PayNow is Singapore's equivalent to facilitate peer-to-peer funds transfer.
After the real-time link between UPI and PayNow, users will be able to transfer money between the two countries using just mobile number or UPI ID.
The collaboration will help the Indians in Singapore, especially students and migrant workers, to make low-cost transfer of money.
According to the latest government data, there are currently 6.5 lakh Indians residing in Singapore.
To begin with, State Bank of India, Indian Overseas Bank, Indian Bank and ICICI Bank will facilitate both inward and outward remittances while Axis Bank and DBS India will facilitate inward remittances.
For Singapore users, the service will be made available through DBS-Singapore and Liquid Group - a non-bank financial institution. More number of banks will be included in the linkage over time, the Reserve Bank of India (RBI) said while launching the service today.
An Indian user can send up to Rs 60,000 rupees a day using the UPI-PayNow link.
The RBI called today's launch a significant milestone in the development of next-generation infrastructure for cross-border payments between India and Singapore.
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