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India/Singapore. India and Singapore to link their payments systems to enable ‘instant and low-cost’ cross-border transactions (Manish Singh, TechCrunch)

India and Singapore are working to link their digital payments systems to enable “instant, low-cost fund transfers,” in a major push to disrupt the cross-border transactions between the two nations that amounts to over $1 billion each year.

The project to link India’s Unified Payments Interface (UPI) and Singapore’s PayNow is targeted for operationalization by July 2022, both nation’s central banks said on Tuesday. Users on either of the systems will be able to make transactions to one another without having to sign up to the second platform, the banks added.

India and Singapore to link their payments systems to enable ‘instant and low-cost’ cross-border transactions | TechCrunch