India and Singapore launch joint digital payment mechanism
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.
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