On February 21, 2023 Prime Minister Narendra Modi and Prime Minister of Singapore, Lee Hsien. Loong witnessed the launch of cross-border connectivity between the Unified Payments Interface (UPI) of India and Pay Now of Singapore via video conferencing,
(UPI) and Pay Now linkage
- Organised on: February 21, 2023
- Launched by: Reserve Bank of India (RBI) Governor Shaktikanta Das and Monetary Authority of Singapore (MAS) managing director Ravi Menon
- The linkage will allow individuals in India and Singapore to remit money to their bank accounts in real-time and at a competitive rate.
- Singapore has become the first country with which cross-border Person to Person (P2P) payment facilities have been launched.
- Funds held in bank accounts or e-wallets can be transferred to/from India using just the UPI-id, mobile number, or Virtual Payment Address.