UPI And PayNow Link Service Between India-Singapore Soon

India is continuously taking steps forward in the field of UPI. In this episode, according to the news, UPI and Penau PayNow services will start soon for money transfers between India and Singapore. The technical preparations for linking the people-to-people instant money transfer of the two countries have been completed. Giving information, the Indian High Commissioner to Singapore P. Kumaran said that this will enable money transfer between the two countries at a very low cost. This will be of great convenience to the working migrants.

He further said that the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS), the central bank of Singapore, are working on connecting the quick money transfer links of both countries and it may start soon. P. Kumaran told that Singapore wants to connect its PayNow with India's UPI. This project will be completed in the next few months. After this, any person sitting in Singapore will be able to send money to his family members in India.

Kumaran told a news agency that Prime Minister Narendra Modi will announce the project after the link linking work is formally completed. This will make it easy for expatriates to send money to India and they will have to pay very low fees. Singapore's PayNow is similar to India's domestic card payment network RuPay. This statement of India's Ambassador to Singapore Kumaran has come before the summit meeting of ASEAN and allied countries. Leaders of 10 regional member states are going to participate in this meeting which will start in Phnom Penh, the capital of Cambodia.  

Kumaran told that at present money transfer companies have to be resorted to to send money to India, its charges are high. At the same time, instead of sending large lump sum amount through this, migrant workers will be able to send small amount to India and its fee will also be less. PayNow is also connected to ASEAN and its associated countries, so it will be easier for people to buy and sell in the entire ASEAN region. In this way, India and ASEAN will also be connected to the payment network. Currently, the Philippines is connected to it and Malaysia and Thailand payment systems are also connected to it.