India-Singapore UPI Payment System: This is news of relief for the Indians living in Singapore. They will be able to receive or remit money from Singapore instantly using UPI (Unified Payments Interface). The Reserve Bank of India (RBI) and the Monetary Authority of Singapore have announced a project to link their respective instant payment systems, UPI and PayNow, which is likely to be operational by July 2022.
UPI-PayNow linkage users will have the advantage that they will be able to do instant, low-value fund transfers on a reciprocal basis without any other payment system. The UPI-PayNow integration is a major step towards developing cross-border payments infrastructure between India and Singapore. This is in line with the G-20’s financial inclusion priorities of making cross-border payments faster, cheaper and more transparent.
The link builds on the previous efforts of NPCI International Private Limited (NIPL) and Network for Electronic Transfer (NETS) to promote cross-border interoperability of payments using cards and QR codes between India and Singapore. This will help in stabilizing the flow of trade, travel and money remittances between the two countries.
It is worth noting that UPI is a mobile based rapid payment system in India, which allows users to make payments at any time using Virtual Payment Address (VPA). In this, the beneficiary of the money does not need to provide bank details. UPI facilitates P2P and P2M payments and its users can send or receive money.
Similarly PayNow is Singapore’s instant payment system, which facilitates peer-to-peer cash transfers for retail customers through associate banks and financial institutions. It allows users to send and receive instant money from one bank or e-wallet account in Singapore to another bank in Singapore using just their mobile number, Singapore NRIC/FIN, or VPA.
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