Money transfers between India-Singapore will soon be possible through UPI

India and Singapore are all set to link their respective fast payment systems, Unified Payments Interface (UPI) and PayNow, to enable easy fund transfers between the countries at the lowest possible cost, India’s High Commissioner in Singapore P Kumaran said.

According to the news agency ANI, through this initiative, money can be transferred from India to Singapore using mobile phone numbers and from Singapore to India using UPI virtual payment addresses under the proposed linkage (VPA).

Both countries’ central banks, the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS), will collaborate on the move.