PayNow: The Reserve Bank of India has announced the integration of Unified Payments Interface (UPI) and PayNow in its fast payment systems in India and Singapore, allowing users to make instant and instant payments on a reciprocal basis. Transfer money at low cost. The Reserve Bank and the Monetary Authority of Singapore (MAS) have announced a project to connect faster payment systems.
The Reserve Bank said in a statement that the target has been set to make it operational by July 2022. It said, “The integration of UPI-PayNow will enable users of each of the two faster payment systems to make an instant, low-cost transfer of money on a reciprocal basis without having to use the other payment system. “
The payment system will get a boost
The Reserve Bank said that this project is an important milestone in the development of infrastructure for cross-border payments between India and Singapore, and it will be faster development of the G-20 (Organization of Developing Countries). Promoting cheaper, more transparent cross-border payments are closely aligned with financial inclusion priorities.
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UPI is a mobile-based fast payment system used in India. In this, the user is given a Virtual Payment Address (VPA) through which he can transfer funds round the clock, anywhere.
Sent money without account numbers
Let us tell you that when UPI is linked with PayNow, then there will be a facility to send money from one country to another fast. With this, you can send money from one country to another without an account number. Through this facility, trade between India and Singapore will also get a boost. This is considered a big initiative of India and Singapore.
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