UPI and PayNow announcementWhat is PayNow? When was it announcedHow to transfer fundsWhich banks are collaboratingWho will benefitWhat this collaboration meanIndia and Singapore have linked their respective digital payments systems, Unified Payments Interface ( UPI ) and PayNow, respectively. This linkage will enable those living in India to quickly send money to people living in Singapore. During the event, Prime Minister Narendra Modi and his Singapore counterpart Lee Hsien Loong were also present.PayNow is Singapore’s fast payment system. It was decided that the two nations will start the low-cost, cross-border funds transfer from July 2022.
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