Singapore and India have recently launched a cross-border retail payment system that connects PayNow, developed by the Association of Banks in Singapore, and the Unified Payments Interface (UPI) developed by the National Payments Corporation of India. This system allows retail customers to use the local payment system for real-time cross-border retail payments and remittances. This move is expected to provide businesses and retail customers with a faster, safer and more cost-effective cross-border retail payment and remittance services.
With the PayNow-UPI linkage, retail customers can easily make payments and remittances between Singapore and India without the need for complex and expensive cross-border payment systems. This will also help to reduce transaction fees and processing times, as well as eliminate the need for intermediaries. As a result, the system will provide a more streamlined and efficient cross-border payment experience for both businesses and retail customers.
The cross-border retail payment system is expected to facilitate trade and economic growth between Singapore and India, as it will make it easier for businesses to conduct cross-border transactions. Additionally, the system is expected to benefit millions of retail customers who frequently make cross-border remittances. The PayNow-UPI linkage is just the latest in a series of measures aimed at strengthening the economic ties between Singapore and India.
