India, Singapore to link UPI with PayNow for instant cross-border transfers by July 2022
RBI and Monetary Authority of Singapore are connecting UPI with Singapore's PayNow to enable instant, low-cost cross-border fund transfers. Users can transact reciprocally without onboarding to the other system, with operationalisation targeted for July 2022.
What happened
RBI and Monetary Authority of Singapore are linking UPI with Singapore's PayNow for instant, low-cost cross-border fund transfers, slated for operationalisation
Why this matters
Scout acquisition or partnership targets in cross-border compliance, FX, and SME payouts that can ride the first sovereign-to-sovereign instant payment linkage as a template for more corridors.
Also reported by
- Moneycontrol · Results — Same time
- Moneycontrol · Results — Same time