UPI entry in Singapore | Transaction will be done easily | UPI and Singapore's PayNow 'Integrated'- Watch Video

Today, the Singaporean PayNow network and India's Unified Payments Interface (UPI), which has enabled swift digital payments through apps like BharatPe and Paytm, were merged to speed up remittances between the two nations at a competitive cost. In the presence of Prime Ministers Narendra Modi and Lee Hsien Loong of Singapore and Shaktikanta Das, Governor of the Reserve Bank of India, and Ravi Menon, Managing Director of the Monetary Authority of Singapore (MAS), officially unveiled the new linkage. 

What are PayNow and UPI?

A virtual payment address (VPA) that the consumer creates allows them to make round-the-clock payments instantaneously using India's Unified Payments Interface (UPI), a mobile-based fast payment system. It removes the danger of the remitter disclosing bank account information. UPI allows users to transfer or receive money and supports both Person-to-Person (P2P) and Person-to-Merchant (P2M) payments.