India’s UPI, which has recently transformed the country’s payment landscape, has partnered with Singapore’s PayNow, a digital payment service launched in 2017 by the Monetary Authority of Singapore. The partnership will allow users in both countries to make cross-border transactions easily.
The UPI-PayNow linkage will enable instant fund transfers between bank accounts in India and Singapore, allowing businesses and individuals to transact with each other seamlessly. This will eliminate the need for multiple intermediaries, making transactions quicker and more cost-effective.
The partnership will benefit businesses in both countries, enabling them to expand their customer base and explore new business opportunities. It will also facilitate cross-border remittances, making it easier for Indian workers in Singapore to send money back home to their families.
The UPI-PayNow linkage is a significant step towards enhancing trade and economic relations between India and Singapore. Both countries have been working towards strengthening their ties, and this partnership is a testament to their commitment to fostering greater economic cooperation.
The partnership is expected to drive growth in both economies and pave the way for similar collaborations between other regional countries. With the UPI-PayNow linkage, businesses and individuals in India and Singapore can look forward to a seamless cross-border payment experience.
