PayNow and India’s UPI link up for instant fund transfers

paynow and indias upi link up for instant fund transfers

Sumary of PayNow and India’s UPI link up for instant fund transfers:

  • People and businesses will be able to make instant, low-cost fund transfers between Singapore and India when the countries’ two real-time payment systems are linked by next July.
  • The Monetary Authority of Singapore (MAS) and the Reserve Bank of India yesterday announced plans to link Singapore’s PayNow system – which lets individuals transfer money using just a mobile phone number – with India’s Unified Payments Interface (UPI) real-time payment system.
  • MAS chief fintech officer Sopnendu Mohanty said: “By reducing the cost and inefficiencies of remittances between Singapore and India, the PayNow-UPI linkage will directly benefit individuals and businesses in Singapore and India that greatly rely on this mode of payment.
  • ” The arrangement will allow people to transfer funds from India to Singapore using mobile phone numbers, and from Singapore to India through UPI virtual payment addresses (VPAs).
  • Non-bank financial institutions that are connected directly to PayNow and Fast And Secure Transfers (Fast) rely on VPAs to send and receive real-time payments from other users of e-wallets or mobile banking applications of PayNow and Fast participants.
  • The experience of making a PayNow transfer to a UPI virtual payment address will be similar to that of a domestic transfer to a PayNow VPA.
  • MAS said the connectivity between PayNow and UPI is a major milestone in the development of next-generation infrastructure for cross-border payments between Singapore and India.

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