Do you know about instant payment methods that allow you to easily transfer funds between accounts? The Unified Payments Interface (UPI) in India and PayNow in Singapore are two of the world’s top real-time payment systems, and the good news is that they have been integrated to allow users to make instant merge payments. This collaboration, the first of its kind in the world, will provide an easy and secure way for individuals and businesses to transfer funds between the two countries.
Hope you are very excited to know about these two extraordinary payment systems’ connection. So in this article, we will look at what these payment systems actually are, what this UPI and PayNow integration means for users, how it will help them, and what it might mean for the future of international payments in this article.
What is UPI
The Unified Payments Interface (UPI) is a real-time payment system developed by the National Payments Corporation of India (NPCI) that enables individuals and businesses to transfer money instantly between bank accounts in India using a mobile device. UPI was launched in 2016 and has since become one of the most popular payment methods in India. UPI enables users to link multiple bank accounts to a single mobile app and offers a range of services, including person-to-person payments, bill payments, and merchant payments. There are various UPI applications like BharatPe, Phonepe, Google pay, Paytm and many more.
What is PayNow
PayNow is a real-time payment system developed by the Monetary Authority of Singapore (MAS) that enables individuals and businesses to transfer money instantly to anyone with a Singapore bank account using just their mobile or NRIC (National Registration Identity Card) number. It was launched in 2017 and has since become one of the most popular payment methods in Singapore with availability 24/7.
What is UPI-PayNow integration?
The UPI-PayNow integration is a collaboration between the National Payments Corporation of India (NPCI) and the Monetary Authority of Singapore (MAS) that enables users in India and Singapore to make instant cross-border transactions between their respective real-time payment systems, UPI and PayNow. This linkage is the first of its kind globally, and it allows individuals and businesses to transfer money between the two countries instantly and securely using just their mobile phone or NRIC (National Registration Identity Card) number. With this amazing integration, people from India can transfer up to Rs.60000 in a single day.
What are the benefits of UPI-PayNow integration?
- Users can make payments using just their mobile phone or NRIC number between two countries, eliminating the need for complex banking information and making the payment process simpler and more convenient.
- The UPI-PayNow integration is anticipated to increase business and travel between India and Singapore, make payments easier for both consumers and companies, and open the door to future partnerships between real-time payment systems around the globe.
- It will also help students and workers who are residing in Singapore to make instantaneous payments without any worries and vice versa.
Conclusion:
The integration of India’s UPI and Singapore’s PayNow is a significant milestone in the global payments landscape, enabling individuals and businesses in India and Singapore to make instant cross-border transactions securely and conveniently.
This collaboration offers several benefits, including simplified payment processes, lower transaction costs, and a boost to trade and tourism between the two countries. Overall, the UPI-PayNow integration is a promising development that has the potential to transform the way we make cross-border payments in the future.
