India, Singapore to link UPI and PayNow for instant fund transfers

India, Singapore to link UPI and PayNow for instant fund transfers

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To enable users to make instant, low-cost fund transfers, India and Singapore will link their respective fast payment systems — Unified Payments Interface (UPI) and PayNow. The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) announced the project to link fast payment systems. The linked interface is expected to be operationalised by July 2022, RBI said in a statement.