PM Modi with his Singapore counterpart to witness launch of cross-border connectivity between UPI of India and PayNow of Singapore

Prime Minister Narendra Modi and his Singapore counterpart, Lee Hsien Loong will witness the launch of cross-border connectivity between the Unified Payments Interface (UPI) of India and PayNow of Singapore through video conferencing today. The launch will be done by RBI Governor Shaktikanta Das and Ravi Menon, Managing Director, Monetary Authority of Singapore. 

Prime Minister Modi’s visionary leadership has been instrumental in driving globalisation of India’s best-in-class digital payment infrastructure. Our Correspondent reports that a key emphasis of the Prime Minister has been on ensuring that the benefits of UPI are not limited to India only, but other countries too benefit from it.

India has emerged as one of the fastest-growing ecosystems for fintech innovation. The linkage of these two payment systems UPI and PayNow will enable residents of both countries in faster and cost-efficient transfer cross-border remittances. It will also help the Indian diaspora in Singapore, especially migrant workers and students through instantaneous and low cost transfer of money from Singapore to India.