Prime Minister Narendra Modi along with Reserve Bank of India Governor Shaktikanta Das and the prime minister of Singapore launched the cross-border linkage between India and Singapore using their respective Fast Payment Systems, Unified Payments Interface (UPI), and PayNow.
The facility was launched through token transactions using the UPI-PayNow linkage.
Singapore has now become the first country with which cross-border Person to Person (P2P) payment facilities have been launched.
“This will help the Indian diaspora in Singapore, especially migrant workers/students, and bring the benefits of digitalization and FINTECH to the common man through the instantaneous and low-cost transfer of money from Singapore to India and vice-versa,” said the Ministry of External Affairs.
UPI payments through QR codes are already taking place in Singapore, though at a limited number of outlets.
