India’s UPI meets Singapore’s PayNow

By Jaspreet Kalra in BFO #370, 15 Sep, 21

India and Singapore have announced plans to link their respective real-time payments systems, the United Payments Interface and PayNow. 

Slated to go live by July 2022, the arrangement will allow people to transfer funds from India to Singapore using mobile phone numbers and from Singapore to India through UPI’s virtual payment addresses (VPA). VPA is a unique identifier that helps UPI track a person’s account, independent of their bank account details.