Delhi – India and Singapore have completed all technical preparations to link their fast payment system UPI and PayNow. Now, this agreement would enable fund transfers through between the two countries instantly and that is also on low cost.
According to reports, this new arrangement between two countries would benefit migrants. The Reserve Bank of India and Singapore Central Bank have been working on linking the United Payments interface (UPI) and Paynow.
High Commissioner of India in Singapore P Kumaran said that Singapore wanted to connect its PayNow with UPI and the project will finish in next few months. After the completion of this process, anybody sitting in Singapore will be able to send money to their families in India.
PayNow is similar to India’s homegrown card payment network RuPay. Apart from this, PayNow has linkages with other countries of Asean, which makes it easier for people to buy and sell within the region.
The Indian Ambassador shared PayNow connects this side with India and other side with Asean countries. They could go to any Asean country through Singapore. They currently have a project with Philippines.
Asean countries makes 10 countries Brunei, Thailand, Indonesia, Laos, Cambodia, Malaysia, Maynmar, Philippines, Vietnam, Singapore,
In the same way , Malaysia and Tailand have also made a connection with their fast payment system. Under the proposed linkage project, money can be transferred from India to Singapore using mobile phone numbers and from Singapore to India using UPI.
The new arrangement of linking funds transfer system between two countries would also benefit tourists who visit Singapore from India. Many of them have no RuPay card and even if they have the card , it is operational only for domestic payments and not in other country. So, there would be change in money tranfer system and now Indian visitors and tourists to Singapore would not have to carry heavy cash or credit cards. The people would transfer to digital mode rather than paying heavy fees for funds trasfer or credit cards.
