India and Singapore to linkage their Fast payments systems

India and Singapore to linkage their Fast payments systems

The linkage is targeted for operationalisation by July 2022. The UPI-PayNow linkage will enable users of each of the two fast payment systems to make instant, low-cost fund transfers on a reciprocal basis without a need to get onboarded onto the other payment system.

The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) have announced a project to link their fast payment systems — Unified Payments Interface (UPI) and PayNow.

“The UPI-PayNow linkage is a significant milestone in the development of infrastructure for cross-border payments between India and Singapore, and closely aligns with the G20’s financial inclusion priorities of driving faster, cheaper and more transparent cross-border payments,” said the central bank.

Over the last year, National Payment Corporation of India’s (NPCI) subsidiary for international payments NIPL has tied up with countries such as the United Arab Emirates, Bhutan, and Japan to launch UPI and RuPay acceptance points in these jurisdictions.

RBI further said that the move to link Indian and Singapore fast payment system will create cross border interoperability in transactions through QR code and cards which will likely give a fillip to anchor trade, travel, and remittance flows between the two countries.

This initiative is also in line with RBI’s vision of reviewing corridors and charges for inbound cross-border remittances outlined in the Payment Systems Vision Document 2019-21, the central bank said.

PayNow is the fast payment system of Singapore which enables peer-to-peer funds transfer service, available to retail customers through participating banks and Non-Bank Financial Institutions (NFIs) in Singapore. It enables users to send and receive instant funds from one bank or e-wallet account to another in Singapore by using just their mobile number, Singapore NRIC/FIN, or VPA.

On the other hand, UPI is India’s mobile based, ‘fast payment’ system that facilitates customers to make round the clock payments instantly using a Virtual Payment Address (VPA) created by the customer. UPI supports both Person to Person (P2P) and Person to Merchant (P2M) payments as also it enables a user to send or receive money.

The payment rail, developed and launched by NPCI in 2016, has emerged as one of the fastest growing payment systems in the world. In August, UPI processed 3.55 billion or 355 crore transactions worth Rs 6,39,116 crore – a record.

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