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Economy
Pradeep Kumar

15/09/21 10:30 AM IST

India, Singapore to link digital payment systems

In news

The central banks of India and Singapore will link their digital payment systems for “instant, low-cost fund transfers”

Details
  • The linkage, which is targeted for operationalisation by July 2022, is expected to incentivise more retail investors to access global markets and make fund transfer cheaper.
  • The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) on Tuesday announced a project to link their respective fast payment systems — Unified Payments Interface (UPI) and PayNow.
  • The UPI-PayNow linkage will enable users of each of the two fast payment systems to make instant, low-cost fund transfers on a reciprocal basis without a need to get onboarded onto the other payment system.
Unified Payments Interface (UPI)
  • Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood.
  • It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.
Source: Indian Express

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