To enable users to make instant, low-cost fund transfers, India and Singapore will link their respective fast payment systems — Unified Payments Interface (UPI) and PayNow. The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) announced the project to link fast payment systems. The linked interface is expected to be operationalised by July 2022, RBI said in a statement.
“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,” it said.
