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UPI PayNow linkage: Singapore-India transaction cost to come down by 10%

UPI PayNow linkage Singapore-India transaction cost to come down by 10%
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India’s UPI Linkage Singapore Paynow App: Singapore’s central bank said that the integration of India’s Unified Payment Interface (UPI) and Singapore’s PayNow App will begin soon and the cost of sending money will come down by 10 percent. If you often make digital payments between India and Singapore, now you will have to pay less for making digital payments between the two countries.

Sopnendu Mohanty, Chief Fintech Officer of the Monetary Authority of Singapore, gave information about the integration of UPI and Penau at the G-20 meeting on financial inclusion. He says that “India’s UPI and Singapore’s PayNow agreement has been done and it is waiting to be presented.

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This payment system integration will reduce the surcharge or cost of sending money by up to 10 percent. Mohanty said that at present one billion Singapore dollars are sent from Singapore to India, while an amount of 20-300 million Singapore dollars is sent from India to Singapore. It is expected that apart from India, there will be the integration of digital payment networks with Malaysia as well. Singapore already has such a tie-up with Indonesia’s PROMPE.

On this occasion, Managing Director and Chief Executive Officer (CEO) of National Payments Corporation of India (NPCI) Dilip Asbe says that India is ready to give UPI’s technology and code for free to other countries to help them create digital payment infrastructure. He said that a bigger challenge than legal and cost constraints is the rules related to sharing of details.

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