Launch of UPI-PayNow: Who may use it, how much you can pay each day, and its advantages.

On February 21, 2023, Singapore's PayNow network and India's Unified Payments Interface (UPI) retail payment system were connected to allow for quicker remittances between the two countries. Users from both nations will be able to access faster and more affordable cross-border remittances thanks to this linkage.

UPI Paynow

The facility was introduced by Reserve Bank Governor Shaktikanta Das and Monetary Authority of Singapore Managing Director Ravi Menon through token transactions utilising the UPI-PayNow interface. Prime Ministers Lee Hsien Loong of Singapore and Narendra Modi of India virtually attended the inaugural event.

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