|
|
|
India, Singapore to link their Fast Payment Systems, UPI and PayNow
|
|
|
|
Top Stories |
|
|
|
|
SME Times News Bureau | 14 Sep, 2021
Reserve Bank of India (RBI) and the Monetary Authority of Singapore
(MAS) have agreed on a project to link their respective fast payment
systems -- Unified Payments Interface (UPI) and PayNow.
This will
allow 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 linkage is targeted for operationalisation by July 2022.
The
UPI-PayNow linkage is a 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.
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 and will further 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.
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.
This eliminates the risk of sharing bank account details by the
remitter. UPI supports both Person to Person (P2P) and Person to
Merchant (P2M) payments as also it enables a user to send or receive
money.
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|