The RBI, MAS collaborated for the project. It also included payment system operators of both the countries i.e., NPCI International Payments Ltd (NIPL) and Banking Computer Services Pte Ltd. (BCS). It also included participating banks and non-bank financial institutions which worked closely together to create the UPI-PayNow linkage.
The debut of cross-border connectivity between India and Singapore utilising their respective Rapid Payment Systems, namely Unified Payments Interface (UPI) and PayNow, was launched today by the honourable prime ministers of India, Shri Narendra Modi, and Hon’ble Prime Minister of Singapore, Mr. Lee Hsien Loong.
The Reserve Bank Governor, Shri Shaktikanta Das, and the Managing Director of the Monetary Authority of Singapore, Mr. Ravi Menon, inaugurated the service through token transactions utilising the UPI-PayNow connection.
The UPI-PayNow integration will allow users of the two quick payment systems in either country to send money across borders quickly, securely, and affordably via their respective mobile applications. It is possible to send or receive money from India using only a UPI-id, cellphone number, or Virtual Payment Address for money kept in bank accounts or e-wallets (VPA).
At the beginning, outgoing remittances will be facilitated by State Bank of India, Indian Overseas Bank, Indian Bank, and ICICI Bank, while incoming remittances will be facilitated by Axis Bank and DBS India.
DBS-Singapore and Liquid Group which is a NBFC will provide service to users in Singapore.
Payment infrastructure will add more banks by linking banks into to the system.
The RBI, MAS collaborated for the project. It also included payment system operators of both the countries i.e., NPCI International Payments Ltd (NIPL) and Banking Computer Services Pte Ltd. (BCS). It also included participating banks and non-bank financial institutions which worked closely together to create the UPI-PayNow linkage.
Interlinkage will mark a critical turning point in the development of cross-border payment infrastructure between India and Singapore.
Linking of payment infrastructure is in line with the G20’s goal of financial inclusion. Linkage will help in promoting quicker, less expensive, and more transparent cross-border payments.
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