UPI-PayNow Linkage Launched In Presence of PM Modi, Singapore PM Lee Hsien Loong

UPI-Penau Linkage: PM launching cross-border connectivity between India’s Unified Payments Interface (UPI) and Singapore’s Penau on Tuesday Narendra Modi Said that the engagement is a new milestone in India-Singapore relations. The linkage will allow participating banks and non-banking financial companies in both countries to transfer funds directly to each other’s bank accounts or e-wallets using UPI IDs, mobile phone numbers or virtual payment addresses.

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Prime Minister Narendra Modi and his Singaporean counterpart Lee Hsien Loong witnessed the launch of cross-border connectivity between UPI and PayNow through video conferencing. The launch was done by RBI Governor Shaktikanta and Ravi Menon, Managing Director of the Monetary Authority of Singapore (MAS).

Modi expressed hope that digital transactions would soon overtake cash as UPI is fast becoming the most preferred payment mechanism in the country. He also said that about 74 billion transactions amounting to over 126 trillion rupees, which is about 2 trillion Singapore dollars, were to be done through UPI in 2022.

“Many experts are predicting that very soon India’s digital wallet transactions will overtake cash transactions,” Modi said.

The linkage will help the Indian diaspora in Singapore, especially migrant workers and students, through instant and low-cost transfer of money to and from Singapore. India and vice versa.

India has emerged as one of the fastest growing ecosystems for fintech innovation. The country accounts for 40 per cent of total digital payments globally, largely led by UPI.

One of the major thrusts of the Prime Minister has been to ensure that the benefits of UPI are not limited to India only but reach other countries as well.

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