India and Singapore Link Digital Payment Systems

Residents of Singapore can now transfer money to India using the Unified Payments Interface (UPI). Indian Prime Minister Narendra Modi and Singaporean counterpart Lee Hsien Loong will launch cross-border connectivity between UPI and PayNow of Singapore.

The linkage of these two payment systems of both countries would enable residents of both countries to the faster and more cost-efficient transfer of 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 and vice-versa,” the Prime Minister’s Office said in a release.

India has emerged as one of the fastest-growing ecosystems for fintech innovation.

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