The Reserve Bank Of India and the Monetary Authority of Singapore (MAS) announced the project to link their respective fast payment systems United Payment Interface (UPI) and PayNow to enable users to make instant, low-cost fund transfers on a reciprocal basis, Reserve bank said on Tuesday. The linkage is targeted for operationalization by July 2022.
This initiative is also in line with RBI’s vision of reviewing corridors and charges for inbound cross-border remittances outline in the Payment Systems Vision Document 2019-21.
The linkage builds upon the earlier efforts of NPCI International Private Limited (NIPL) and Network for Electronic Transfers (NETS) to foster cross border interoperability of payments using cards and QR codes, between India and Singapore. It will further anchor trade, travel and remittance flows between the two countries.