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India's UPI Connected To Singapore's Pay Now
Prime Minister Narendra Modi and the Prime Minister of Singapore, Lee Hsien Loong, launched cross-border connectivity between the Unified Payments Interface of India and PayNow of Singapore. The linkage of the two payment systems will enable faster and more cost-efficient transfers of money.
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It will benefit the Indian diaspora in Singapore, especially migrant workers and students, through the instantaneous and low-cost transfer of money from Singapore to India and vice versa.
Funds in bank accounts or e-wallets can be sent to or from India using the individual's UPI ID, mobile number, or virtual payment address. Indian users can remit up to Rs 60,000 per day to Singapore by using the UPI-PayNow linkage.
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Eight financial institutions are part of the linkage. SBI, IOB, Indian Bank, and ICICI Bank will facilitate both inward and outward remittances, while Axis Bank and DBS India will facilitate inward remittances. DBS-Singapore and Liquid Group will offer the service in Singapore.
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Currently, UPI constitutes over 40% of all digital transactions in India. Eight billion UPI transactions were carried out in January 2023.
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