Launch of UPI-PayNow Linkage between India and Singapore: Strengthening Economic Ties

On February 21, 2023, the Prime Minister of India, Narendra Modi, and the Prime Minister of Singapore, Lee Hsien Loong, will witness the launch of the UPI-PayNow linkage between the two countries.

PM of India @narendramodi and PM of Singapore @leehsienloong to witness launch of #UPI–#PayNow linkage between the two countries by Governor @DasShaktikanta and MD @MAS_sg on February 21, 2023 at 11.00 am.

Live at: https://t.co/HGfgHw9J6s#RBI #RBIGovernor #RBItoday #PMOIndia pic.twitter.com/VYOA6bk4va

— ReserveBankOfIndia (@RBI) February 20, 2023

This event will take place at 11:00 am IST. And will be hosted by the Governor of the Reserve Bank of India, Shaktikanta Das, and the Managing Director of the Monetary Authority of Singapore, Mr. Ravi Menon. The event will be live-streamed on YouTube.

The UPI-PayNow linkage is a significant step towards strengthening the economic ties between India and Singapore. It will enable seamless transactions between the two countries, benefitting individuals and businesses alike.

The UPI-PayNow linkage will allow users of both payment systems to make instant, low-cost fund transfers on a reciprocal basis. This linkage will also enable users to use their mobile numbers or UPI IDs to make transactions, making it convenient and user-friendly.

The presence of the Prime Ministers of India and Singapore at the event underscores the importance of the UPI-PayNow linkage. It highlights the commitment of both countries to strengthening their economic relationship and promoting digital payments.

The event will also be an opportunity for both leaders to discuss other areas of cooperation and explore new avenues of partnership.

This launch of the UPI-PayNow linkage is a significant milestone in the history of Indo-Singapore economic ties. It is a step in the right direction towards realizing the full potential of digital payments. And creating a seamless and efficient payment ecosystem.