Online payment system between nations is set to be launched by the Prime Ministers of India and Singapore, PM Modi and the Singapore Prime Minister
NewDelhi: On Tuesday, the virtual launch of cross-border connectivity between India's Unified Payments Interface (UPI) and Singapore's PayNow will be witnessed by PM Narendra Modi and his Singaporean counterpart Lee Hsien Loong. The launch will be carried out by Shaktikanta Das, Governor of RBI, and Ravi Menon, MD of the Monetary Authority of Singapore.
The Indian government stated that India has become one of the rapidly-growing ecosystems for fintech innovation, and PM Modi's leadership has been crucial in promoting the globalization of India's digital payment infrastructure. The payment system's linkage would allow both countries' residents to transfer cross-border remittances quickly and cost-effectively.