India and Singapore will integrate their fast-payment systems to enhance cross-border payments and remittance flows, which amount to over $1 billion each year.Sensex up +0.12%, Nifty_50 up +0.14%, SGX up +0.20%
- India’s Unified Payments Interface will be linked with Singapore’s PayNow by July 2022 to enable users to make instant, low-cost fund transfers while staying on their own systems, according to the Reserve Bank of India.
- The announcement is the latest in fintech partnership between the two Asian hubs, after they bolstered interoperability using cards and QR codes.
- Nearly $900 million was remitted from Singapore to India in 2017, and Indian tourists in Singapore spent around $200 million between January to September 2020.
- India has recorded a significant rise in digital payments led by UPI, which is an open-ended platform that allows all organizations to onboard and provide retail payment services to shop online.
- Singapore’s PayNow allows users to send and receive instant funds from one bank or e-wallet account to another in Singapore via their mobile number.