India and Singapore launch joint digital payment mechanism

Tags: Economy/Finance International News

India and Singapore on 21 February launched a joint digital payment mechanism to enable residents of both countries to make easier and faster cross-border transactions.

An overview of the news

• The facility was jointly launched by Shaktikanta Das, Governor of the Reserve Bank of India and Ravi Menon, Managing Director of the Monetary Authority of Singapore.

• India's Unified Payments Interface (UPI) and Singapore's PayNow have entered into an agreement in this regard to facilitate these transactions.

• Prime Minister Narendra Modi and Prime Minister of Singapore Lee Hsien Loong participated in the virtual launch of Real Time Payment Linkage.

• This will add a new chapter in fintech connectivity. Now people can make cost effective and fast money transfers from their mobile phones.

• This real-time payment system will help the Indian diaspora in Singapore, especially migrant workers and students.