UPI-PayNow linkage

The launch of cross-border linkage between India’s Unified Payments Interface (UPI) and Singapore’s PayNow is a major milestone for the Digital India programme, which has ‘ease of doing business’ among its focus areas. This facility is aimed at enabling business establishments and individual citizens of both countries to make real-time digital payments through apps. According to the Monetary Authority of Singapore, a counterpart of the Reserve Bank of India, the UPI-PayNow setup is equipped to accommodate future increases in the volume of remittance traffic.