India and Singapore link fast payments systems

Connection designed to help diaspora make cheaper and faster transfers

Global Technology Partner of the Year: Regnology

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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