India and Singapore link fast payments systems
Connection designed to help diaspora make cheaper and faster transfers
India and Singapore connected their fast payments systems today (February 21). It is India’s first cross-border real-time payment systems linkage and Singapore’s second.
The connection joins India’s Unified Payments Interface (UPI) and Singapore’s PayNow.
All users will be able to transfer the equivalent of around US$725 each day, via bank accounts or e-wallets, using their UPI ID, mobile number, or virtual payment address, the Reserve Bank of India said.
The service is designed to be cost
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