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India’s Unified Payments Interface (UPI) has made significant strides in the global digital payments arena. In a development, UPI has linked up with Singapore’s PayNow, enabling cross-border connectivity for real-time digital payments. This move has further boosted the deepening of financial ties between the two countries.
The UPI is a real-time payment system developed by the National Payments Corporation of India (NPCI) in 2016. It revolutionized digital payments in India, enabling people to make instant money transfers and payments using their smartphones. Today, UPI has become the most preferred mode of digital payments in India, with over 3.5 billion transactions worth over $77 billion in January 2022 alone.
On the other hand, PayNow is a similar real-time payment system developed by the Monetary Authority of Singapore (MAS) in 2017. It enables individuals and businesses to make instant payments to each other using their mobile phone numbers or national identification numbers. PayNow has become widely popular in Singapore, with over 5.5 million registered users.
The linkage between UPI and PayNow is a significant step towards enhancing cross-border digital payments. It will allow Indian consumers to make instant payments to Singaporean merchants and vice versa. This will benefit individuals and businesses, who can now make cross-border payments quickly, efficiently, and securely. It will also reduce the reliance on traditional payment methods such as wire transfers, which can be time-consuming and expensive.
The UPI-PayNow linkage will enhance the deepening of financial ties between India and Singapore. India and Singapore have long-standing economic and trade ties, with Singapore being one of India’s largest trading partners in Southeast Asia. This linkage will further facilitate cross-border trade and investment between the two countries.
The linkage between UPI and PayNow is also significant from a global perspective. It showcases the potential of real-time payment systems in enabling cross-border connectivity and boosting economic growth. It also sets an example for other countries to follow, demonstrating the importance of digital payments and the need for greater collaboration among countries to promote financial inclusion.
India’s UPI linkage with Singapore’s PayNow marks a significant milestone in the global digital payments arena. It enables cross-border connectivity for real-time digital payments, benefiting individuals and businesses in both countries. It also deepens the financial ties between India and Singapore, showcasing the potential of real-time payment systems in boosting economic growth. As digital payments continue to gain momentum globally, the UPI-PayNow linkage sets an example for other countries to follow, promoting greater collaboration and financial inclusion.
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