UPI and PayNow, two prominent payment systems in India and Singapore respectively, have collaborated to offer their users the ability to send money internationally. This partnership will allow for seamless cross-border transactions between the two countries, making it easier and faster for users to transfer funds.
India’s and Singapore’s two leading payment systems, UPI and PayNow, have joined forces to enable their customers to send money internationally. The move is aimed at facilitating cross-border transactions for the users of both platforms.
UPI, or the Unified Payments Interface, is an instant real-time payment system developed by the National Payments Corporation of India. PayNow, on the other hand, is Singapore’s national real-time payment system that allows users to transfer funds using just a mobile number or National Registration Identity Card (NRIC).
The collaboration between UPI and PayNow will allow users of both systems to send money to each other’s countries seamlessly. This means that a user in India can send money to someone in Singapore using PayNow, and vice versa. The process is expected to be simple and quick, taking only a few seconds to complete.
The partnership is expected to benefit businesses and individuals alike, especially those who have to make frequent cross-border transactions. With UPI and PayNow linked, they will be able to avoid the hassles of traditional money transfer methods, such as high fees, long processing times, and exchange rate fluctuations.
The collaboration between UPI and PayNow is also a significant step towards strengthening economic ties between India and Singapore. Both countries have strong trade and investment links, and the new initiative is expected to further facilitate the movement of funds between them.
The integration of UPI and PayNow will also support Singapore’s efforts to become a leading global fintech hub. The country has been promoting fintech innovation and entrepreneurship through various initiatives, including the establishment of a regulatory sandbox for fintech startups.
The move by UPI and PayNow comes amid a surge in demand for digital payment services, particularly in the wake of the COVID-19 pandemic. With more people relying on online transactions, the need for secure, reliable, and convenient payment systems has become even more crucial.
In conclusion, the collaboration between UPI and PayNow is a significant development for both Singapore and India. It is expected to promote greater economic cooperation between the two countries and facilitate seamless cross-border transactions for their users. The move also reflects the growing trend toward digital payments, which is set to continue in the years ahead.