Wednesday, September 15, 2021

Singapore’s PayNow and India’s UPI to Link in 2022

The Monetary Authority of Singapore (MAS) and the Reserve Bank of India announced plans to link Singapore’s PayNow and India’s Unified Payments Interface (UPI) real-time payment systems by July 2022. 

The PayNow-UPI linkage will enable users to make instant, low cost fund transfers directly from one bank account to another between Singapore and India. 

When implemented, fund transfers can be made from India to Singapore using mobile phone numbers, and from Singapore to India using UPI virtual payment addresses (VPA). 

The experience of making a PayNow transfer to a UPI VPA will be similar to that of a domestic transfer to a PayNow VPA [1] .  

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