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India, Singapore launch project to link UPI and PayNow
September 15, 2021
The central banks of India and Singapore have launched a project to link their respective fast payment system, UPI in India and PayNow in Singapore, to enable fund transfers on the two organizations without getting onboarded onto the other payment system, the Reserve Bank of India said on Tuesday.
The linkage between the two is targeted for operationalization by July next year.
“The UPI-PayNow linkage is a critical achievement in the improvement of foundation for cross-line payments among India and Singapore, and intently lines up with the G20’s financial inclusion priorities of driving faster, cheaper, and more transparent cross-border payments,” the RBI said in a statement.
The national bank added that the imminent linkage expands upon the earlier efforts of NPCI International Private Limited (NIPL) and Network for Electronic Transfers (NETS) to enable cross-border interoperability of payments using cards and QR codes, between India and Singapore.
This will not be the first time that UPI has explored use cases in foreign markets. In July, the National Payments Corporation of India (NPCI) had launched the payment system in Bhutan and as of late it partnered with Mashreq to offer acceptance of the UPI in the UAE.
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