In a big step that is likely to disrupt the over $1 billion annual cross-border transactions between the two countries, India & Singapore have integrated their digital payment systems, UPI & PayNow, to enable instant & affordable financial transfers.
The two countries’ central banks announced during a news conference that the connectivity between the two systems became operational on Tuesday. They stated that 8 banks from Singapore & India, including DBS, Liquid Group, Axis Bank, & State Bank of India, were taking part in the collaboration. The local payment systems of each country’s citizens can be used to transmit money in “real-time” to individuals who are abroad.
According to the Reserve Bank of India, an Indian user can currently send up to $1,000 in Singapore dollars per day.
