New Delhi: Cementing the partnership in the financial domain, India and Singapore have interegrated their respective real-time payment network for the first time to facilitate cross-border exchange. India’s Unified Payments Interface (UPI) and its equivalent in Singapore known as Paynow, have been conjoined to enable transfer of remittances, funds and payments between the two countries in a quick and real-time.


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The integration of cross-border payment systems between two countries was announced in a virtual conference attended by PM Narendra Modi, Singapore PM Lee Hsien Loong, the Governor of Reserve Bank of India Shaktikanta Das and a few other participants.


What does real-time payment system mean?


India’s unqiue payment system Unified Payments Interface (UPI) allows tranferring of money from one account to another in the country in the real-time without the need to share the bank details. It’s round-the-clock payment system that makes easier to send money to customers and even merchants. Even, the users can receive money from others with the help of UPI.


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UPI is linked to the user’s mobile number and creates a unique ID. This mobile number-based ID is used to send or receive payments.


PayNow is Singaore payment system that allows peer-to-peer payment transfer in quick and real-time. It allows users to send or receive instant funds from one bank or e-wallet account to another in Singapore. It’s very similar to UPI.


What’s the new development and how it will benefit citizens of both countries?


India and Singapore have partnered to integrate the payment system of both countries for cross-border retail payments. People face difficulty to remit or transfer funds in cross-border due to many hurdles and long-time taking process.


Finally, the integration is completed between Indian and Singapore to make cross-payment easier for citizens of both countries with the help of real-time payment system. The project to link both the fast payment systems was initiated in September 2021 to fast payment transactions for traders, travellers and remittance senders between the two countries.