UPI goes global: India, Singapore start instant fund transfer; PM Modi hails new era

INDIA ON TUESDAY kicked off its first cross-border real-time payments systems connectivity with Prime Minister Narendra Modi, who witnessed the launch event, stating that the linkage of Unified Payments Interface (UPI) and Singapore’s PayNow will benefit migrant workers, professionals, and students and their families in foreign remittances between the two countries.

Stating that the linkage is a “new era in cross-border fintech connectivity”, Modi said it will provide a low-cost, secure and real-time option for cross border remittances between India and Singapore.