February 8, 2023 5:29 am

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Digital Money Transfer Made Easy Between India-Singapore

Once the PayNow-UPI link will get activated it will be the most used and easiest way to buy or sell anything in the region

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Great news for the migrant labourers working abroad, India and Singapore have made it easy to connect their fast payment system with the use of PayNow and UPI. With the technical process already completed, this mechanism with implementation will greatly help in speedy money transfers between the two countries and this money transfer would also come at a cheaper cost.

India and Singapore have finished the technical steps necessary to connect their fast payment systems Pay Now and UPI. The initiative is taken by both countries to help the migrant labourers. 

The Reserve Bank of India (RBI) and Singapore Central Bank(SAB), the Monetary Authority of Singapore(MAS) are working to link the UPI (United Payment Interface) and PayNow, a project that will begin soon.

P Kumaran, India’s High Commissioner in Singapore said that “Singapore wants to connect its PayNow with UPI and the linking project will end sometime in the next months after that anyone sitting in Singapore can send money to the family members sitting in India”.

About PayNow

PayNow is comparable to RuPay, a fast payment system in Singapore that enables peer-to-peer money transfer. Also, PayNow is connected with other Asian nations, making it simpler for people within the region to sell or buy anything.

Similarly, PayNow has allowed travellers to travel from India via Singapore when PayNow connects this side of India to that side of Asian Nations. 

Once the PayNow-UPI link will get activated it will be the most used and easiest way to buy or sell anything in the region. Handling too much cash currency is quite difficult in current times. Meanwhile scanning the UPI code or QR(Quick Response)  code is frequently used by anyone and is accessible.

What the Indian envoy says

Perisamy Kumaran Indian envoy to Singapore said that Prime Minister Narendra Modi will make an announcement regarding this linked payment service soon following which it would be formalised. 

Kumaran further said that, “For us, the practical implications sitting here is that any worker who wants to send small amounts can do so at a fraction of the money they are being charged by the standard money transfer companies,” So those who are sending money all at once can do so in small increments and still they have a benefit to pay less.

Tourists, Migrant workers, Small businesses and enterprises will be benefitted in a big way from such connectivity of payments.

Asha Kumari
Asha Kumari
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