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India, Singapore to Link UPI and PayNow for Cross-Border Transactions: In India, we use UPI for mobile payment, and the mobile payment method Singapore has is called PAYNOW. In order to connect these two payments, the Governor of the Reserve Bank of India, Shaktikanta Das, and the Managing Director of the Monetary Authority of Singapore, Ravi Menon, virtually inaugurated the link between the two payment systems.
India-Singapore link Digital Payments UPI and PAYNOW | Significance
With this facility, the Migrant workers and students will be benefitted more. With the linkage of UPI and PayNow, residents can transfer money at faster rates.
Linkage of UPI and PayNow Benefits
The linkage between UPI and PAYNOW allows for person-to-person and person-to-merchant transfers between the two countries. It will help to boost trade and foreign remittance, as well as benefit e-commerce businesses. Through this linkage there will be instant funds transfers, making more access to online shopping, and also fund transfers from e-wallets.
G20
However, the Linkage of UPI and Pay Now was a part of the G20 priorities. The main focus of the 2023 G20 summit is on inclusive finance and cheaper, and transparent cross-border payments.
India-Singapore to Link UPI and PayNow for Cross-Border Transactions | MSQs
What is the focus of the 2023 G20 summit?
a. Inclusive finance and cheaper cross-border payments
b. Cybersecurity and data privacy
c. Climate change and environmental protection
d. Education and human rights
Answer: a. Inclusive finance and cheaper cross-border payments
What is the benefit of linking UPI and PAYNOW?
a. Boosting trade and foreign remittance
b. More access to online shopping
c. Benefit e-commerce businesses
d. All of the above
Answer: d. All of the above
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