- Published on November 24, 2022
- In IT Services
UPI Expands Footprint to Offer Cross-Border Transaction
The UPI-PayNow linkage project was launched in July 2021 to facilitate 'instant, low-cost fund transfers on a reciprocal basis without the need to get on-boarded to other payment systems'
- By Shraddha Goled
According to recent reports, the cross-payment project between India and Singapore, initiated last year, has now been completed. The project will facilitate instant and low-cost fund transfers between India and Singapore through their respective fast payment systems – UPI and PayNow. It is likely to be officially launched by PM Narendra Modi soon.
The UPI-PayNow linkage project was launched in July 2021 to facilitate transfers ‘on a reciprocal basis without a need to get on-boarded onto the other payment system’.
India-Singapore transactions
Launched in 2016, India's mobile-based fast payment system UPI has truly transformed Indians' relationship with money. They can send and receive money with just a few clicks.
Likewise, the near-instant payment system PayNow, the
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Shraddha Goled
I am a technology journalist with AIM. I write stories focused on the AI landscape in India and around the world with a special interest in analysing its long term impact on individuals and societies. Reach out to me at shraddha.goled@analyticsindiamag.com.
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