Prime Minister Narendra Modi and Prime Minister of Singapore Lee Hsien Loong participated in the virtual launch of real-time payment linkage between the Unified Payments Interface (UPI) of India and PayNow of Singapore.
On the occasion, Shaktikanta Das, Governor of the Reserve Bank of India, and Ravi Menon, Managing Director, Monetary Authority of Singapore made live cross-border transactions with each other using their respective mobile phones.
Singapore is the first country in which a cross-border Person to Person (P2P) payment facility has been launched. This will help the Indian diaspora in Singapore, especially migrant workers, and students, and bring the benefits of digitalisation and fintech to the common man through an instantaneous and low-cost transfer of money from Singapore to India and vice-versa. Acceptance of UPI payments through QR codes is already available in selected merchant outlets in Singapore.
PM Modi thanked Lee for his partnership in taking the India-Singapore relationship forward and looked forward to working with him under India’s G20 Presidency.
