New Delhi: The Reserve Bank of India has announced the integration of Unified Payments Interface (UPI) and PayNow (PayNow) into its fast payment systems in India and Singapore, enabling users to make instant and low-cost payments on a reciprocal basis. To transfer money together. 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 instant, low-cost transfer of money on a reciprocal basis without having to use the other payment system. “
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Payment system will get a boost
The Reserve Bank said that the project is an important milestone in the development of infrastructure for cross-border payments between India and Singapore, and will make the G20 (Organization of Developing Countries) faster, cheaper and more transparent. The promotion of cross-border payments is closely linked with financial inclusion priorities.
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.
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send money without account number
Let us tell you that when UPI is linked with Penau, then there will be facility to send money from one country to another faster. 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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