India's famous Unified Payments Interface (UPI) has been linked to Singapore's PayNow system. Both UPI and PayNow are built to help users send money in real time or instantly to other people. But what this integration between the two platforms would do is enable users to make international money transfers. Users in both countries would now be able to send money in real-time via a QR code or the mobile number linked to their bank accounts.
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UPI is developed by the National Payments Corporation of India (NPCI), while PayNow is a payment system developed by the Association of Banks in Singapore. In India, users can leverage platforms such as Google Pay, Paytm, and more to make money payments via UPI to other users in Singapore. People living in Singapore can leverage the platforms available to them to make money transfers to users living in India.
Singapore has a lot of Indians (approx 6.5 lahks) who are both professional workers and students. This move would enable a more cost-effective and easy way for users in both countries to send money to each other. This is a fantastic move and something that Indians living in other international destinations would also want to see happening.