UPI and PayNow are linked, know what will benefit you

The Reserve Bank of India (RBI) has announced the integration of India’s UPI and Singapore’s Pay Now Tez payment systems. An agreement has been signed between the Reserve Bank of India and the Monetary Authority of Singapore to link the Fast Payment System. The system of linking UPI and PayNow will work from July 2022. Under this, India’s Unified Payments Interface (UPI) and Singapore’s ‘PayNow’ will be linked together and through this fast payment will be facilitated between the two countries. With the help of this, users will be able to transfer money on a reciprocal basis instantly and with low cost.

Beneficial for payment system

The Reserve Bank of India said that the project is an important milestone in the development of infrastructure for cross-border payments between India and Singapore. This is closely aligned with the G20’s financial inclusion priorities of promoting faster, cheaper and transparent cross-border payments.

Can send money without account number

With the linking of UPI and Paynau, customers will be able to get the benefit of cross border payment system without account number. Due to its linkage, trade between India and Singapore is also expected to increase.

What is UPI

UPI which we call Unified Payments Interface is a mobile based payment system used in India. Through this, the user is given a virtual payment address, with the help of which he can transfer money anywhere in 24 hours.

what is pay now

PayNow is a Singapore-based electronic funds transfer service that allows users to send or transfer money instantly using their mobile number or NRIC/FIN or UEN number instead of their bank account number.

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