India, Singapore Link Online Payment Systems For Cross-Border Transactions
NDTV
Transfers of funds will now be possible using just mobile phones due to the tie-up between India's Unified Payments Interface (UPI) and Singapore's facility.
India and Singapore launched on Tuesday a real-time link to facilitate easier cross border money transfers between one of the world's biggest recipients of remittances and an Asian financial powerhouse.
Transfers of funds will now be possible using just mobile phones due to the tie-up between India's Unified Payments Interface (UPI) and Singapore's facility. Such cross-border transfer arrangements typically lower costs of payments.
"This will enable people from both the countries to immediately and at low-cost transfer funds (by) just using their mobile phones," Indian Prime Minister Narendra Modi said at a virtual event for the launch of the service. The linkage will help migrant workers, professionals, students and their families, said PM Modi.
UPI is an instant real-time payments system, allowing users to transfer money across multiple banks without disclosing bank account details. Similarly, PayNow is a service offered by participating banks that allows sending and receiving Singapore dollar funds from one bank to another using a mobile number.
