India, Singapore set to link UPI and PayNow for instant low cost fund transfer

11:48:00 AM, Tuesday 14th of September 2021 | in miscellaneous

In a major step, the Reserve Bank of India and the Monetary Authority of Singapore are set to link their respective fast payment systems-- the Unified Payments Interface and the PayNow system. The linking is expected to be operationalised by July 2022. The linking between the two payment systems will enable users to make instant, low-cost fund transfers without having to get onboarded onto the other payment system.