In A First, India, Singapore Link Online Payment Systems
NDTV
The virtual launch function was attended by Prime Minister Narendra Modi and Singaporean counterpart Lee Hsien Loong.
In what is a first-of-its-kind collaboration with another country, India and Singapore on Tuesday linked their respective online payments systems -- Unified Payments Interface (UPI) of India and PayNow of Singapore -- for seamless cross-border transactions between the two countries.
The virtual launch function was attended by Prime Minister Narendra Modi and Singaporean counterpart Lee Hsien Loong.
The linkage of these two payment systems of both countries would enable residents of both countries to the faster and more cost-efficient transfer of cross-border remittances. People in both the countries will be able to send money real-time via QR-code based or simply by entering mobile numbers linked to the bank account.
"The linking of fintech services between India and Singapore will take the technology to a new level," PM Modi said at the launch event.
