India, Singapore To Link UPI and PayNow by July 2022
Moneylife Digital Team 14 September 2021
The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) decided to link their respective fast payment systems unified payments interface (UPI) and PayNow. The linkage is targeted for operationalisation by July 2022.
 
In a release, RBI says, “The UPI-PayNow linkage will enable users of each of the two fast payment systems to make instant, low-cost fund transfers on a reciprocal basis without a need to get onboarded onto the other payment system.”
 
“The linkage builds upon the earlier efforts of NPCI International Pvt Ltd (NIPL) and Network for Electronic Transfers (NETS) to foster cross-border interoperability of payments using cards and QR codes, between India and Singapore and will further anchor trade, travel, and remittance flows between the two countries,” the central bank says.  
 
According to RBI, the UPI-PayNow linkage is a significant milestone in developing infrastructure for cross-border payments between India and Singapore. It closely aligns with the G20’s financial inclusion priorities of driving faster, cheaper and more transparent cross-border payments. 
 
This initiative is also in line with RBI’s vision of reviewing corridors and charges for inbound cross-border remittances outlined in the payment systems vision document 2019-21.
 
UPI is India’s mobile-based, ‘fast payment’ system that facilitates customers to make round-the-clock payments instantly using a virtual payment address (VPA) created by the customer. This eliminates the risk of sharing bank account details by the remitter. UPI supports both, person-to-person (P2P) and person-to-merchant (P2M), payments as well as enables a user to send or receive
 
PayNow is the fast payment system of Singapore, which enables peer-to-peer funds transfer service available to retail customers through participating banks and non-bank financial institutions (NFIs) in Singapore. It allows users to send and receive instant funds from one bank or e-wallet account to another in Singapore by using their mobile number, Singapore national registration identification card (NRIC), foreign identification number (FIN), or VPA (virtual payment address).
Comments
RBI warns against frauds in guise of KYC update
IANS 14 September 2021
The Reserve Bank of India (RBI) has cautioned the public against falling prey to frauds in the name of KYC (know your customer) update and sharing key details such as debit and credit card details and OTPs.
 
In a statement...
Data Displays Descent, Decay and Decline of Banking Sector over Past 3 Decades
Ranganathan V, 13 September 2021
The story of its ruin is simple and obvious, and instead of inquiring why the Roman empire was destroyed, we should rather be surprised that it had subsisted so long. The victorious legions, who, in distant wars, acquired the vices...
Adhere to the 330 Days Deadline for Completing CIRP under IBC; Supreme Court Tells NCLT, NCLAT
Moneylife Digital Team 13 September 2021
While maintaining that the resolution applicant cannot modify or withdraw its resolution plan approved by the committee of creditors (CoC) under the Insolvency and Bankruptcy Code (IBC), the Supreme Court has asked National Company...
SEBI notifies requisite certification for people associated with portfolio management
IANS 13 September 2021
Capital market regulator SEBI has notified certification requirements for the distributor and employees of portfolio management services.
 
As per the regulator, "the associated persons, engaged by a portfolio manager as a...
Free Helpline
Legal Credit
Feedback