India, Singapore launch real-time link for cross-border payments

Residents of India and Singapore can now transfer money using mobile apps like Paytm and Google Pay as the two countries on Tuesday linked their respective fast payment systems – Unified Payments Interface (UPI) and PayNow – to enable real-time cross-border fund transfer.

Singapore is the first country with which India has started a cross-border Person-to-Person (P2P) payment facility. The move will greatly benefit the Indian diaspora working in Singapore.

Reserve Bank of India (RBI) Governor Shaktikanta Das and Managing Director of Monetary Authority of Singapore Ravi Menon rolled out the transactions using the UPI-PayNow linkage.