{"id":228073,"date":"2023-02-22T19:08:23","date_gmt":"2023-02-22T13:38:23","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=228073"},"modified":"2023-02-22T19:08:49","modified_gmt":"2023-02-22T13:38:49","slug":"indias-upi-and-singapores-paynow-are-now-integrated-what-it-means-who-benefits","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/indias-upi-and-singapores-paynow-are-now-integrated-what-it-means-who-benefits\/","title":{"rendered":"India\u2019s UPI and Singapore\u2019s PayNow are now integrated: What it means, who benefits"},"content":{"rendered":"\n<p><b>Source: <\/b><span style=\"font-weight: 400;\">The post is based on the article <\/span><b>\u201cIndia\u2019s UPI and Singapore\u2019s PayNow are now integrated: What it means, who benefits\u201d <\/b><span style=\"font-weight: 400;\">published in<\/span><b> Indian Express <\/b>on <b>22nd February 2023<\/b><\/p>\n<h2><b>What is the News?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">India\u2019s real-time retail payment system Unified Payments Interface(UPI) has been integrated with Singapore\u2019s PayNow to enable faster remittances between the two countries at a competitive rate.<\/span><\/p>\n<h2><b>What is UPI?<\/b><\/h2>\n<p><a href=\"https:\/\/forumias.com\/blog\/what-is-unified-payments-interface-upi\/\"><b>Click Here to read<\/b><\/a><\/p>\n<h2><b>What is PayNow?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">PayNow is a fast payment system in Singapore. It enables peer-to-peer funds transfer service, available to retail customers through participating banks and Non-Bank Financial Institutions (NFIs) in Singapore.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It allows users to send and receive instant funds from one bank or e-wallet account to another in Singapore by using just their mobile number, Singapore National Registration Identity Card (NRIC)\/Foreign Identification Number (FIN) or VPA.<\/span><\/p>\n<h2><b>What is the UPI-PayNow linkage?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Cross-border retail payments are generally less transparent and more expensive than domestic transactions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The UPI-PayNow linkage is a significant milestone in the development of infrastructure for cross-border payments between India and Singapore and closely aligns with the G20\u2019s financial inclusion priorities of driving faster, cheaper and more transparent cross-border payments.<\/span><\/p>\n<h2><b>How will it benefit the citizens of both countries?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">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 on board the other payment system.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It will also help the Indian diaspora in Singapore, especially migrant workers and students, through the instantaneous and low-cost transfer of money from Singapore to India and vice-versa.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: The post is based on the article \u201cIndia\u2019s UPI and Singapore\u2019s PayNow are now integrated: What it means, who benefits\u201d published in Indian Express on 22nd February 2023 What is the News? India\u2019s real-time retail payment system Unified Payments Interface(UPI) has been integrated with Singapore\u2019s PayNow to enable faster remittances between the two countries&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/indias-upi-and-singapores-paynow-are-now-integrated-what-it-means-who-benefits\/\">Continue reading <span class=\"screen-reader-text\">India\u2019s UPI and Singapore\u2019s PayNow are now integrated: What it means, who benefits<\/span><\/a><\/p>\n","protected":false},"author":10317,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127,164,9],"tags":[10500],"class_list":["post-228073","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","category-international-relations-daily-factly-articles","category-public","tag-indian-express","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/228073","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10317"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=228073"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/228073\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=228073"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=228073"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=228073"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}