UPI goes Global, Indian UPI connected with Singapore's PayNow

[{"selector":"#anim-8b86a58e-969f-42a9-8e26-e232004e5fdd [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-64.99573139937813%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-2af413c1-1454-4d6b-aa5d-eca20b0d2e3f","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] The Unified Payments Interface (UPI) of India has gone global with its cross-border linkage with Singapore's PayNow, marking a significant milestone for the Indian diaspora.

[{"selector":"#anim-ae3c12e7-4698-43fa-ab8a-9e24242cf2a6 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(56.39204551933686%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-ab5243ed-66d1-4385-9b6d-66d9c1c7a8b1","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] The move will facilitate seamless financial transactions between the two countries, allowing customers of participating financial institutions to send and receive funds in real-time using their mobile phone numbers, UPI identity or Virtual Payment Address (VPA).

[{"selector":"#anim-ceb050fe-b34a-4846-901f-52ea6d3c694e [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(8.248579270354208%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-5ed65fb7-3f9f-4df0-9983-83e5ccd6d1b5","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] The linkage has been hailed by Prime Ministers Narendra Modi of India and Lee Hsien Loong of Singapore

[{"selector":"#anim-b00b2aa3-7650-4f4e-95c1-481677e32a50 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(23.773558589950884%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-03dcaa07-876f-4854-b8b1-e864266be681","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] The linkage was demonstrated by the Reserve Bank of India’s Governor Shaktikanta Das and the Monetary Authority of Singapore’s Managing Director Ravi Menon with live "cross-border transactions".

[{"selector":"#anim-4f82b627-2ae8-413b-a31f-30405839157c [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(52.753906286649375%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-ab059b44-e7f2-40da-ab2d-a26fe3358490","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] With this partnership, Singapore has become the first country to launch cross-border Person to Person (P2P) payment facilities.

[{"selector":"#anim-e65cd25d-8b39-4657-a12c-b788ea48e93a [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(4.872158787852862%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-2e6bc615-bdcd-44a0-8e67-47c489eaadbe","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] The move paves the way for cross-border payments between India and ASEAN countries, fostering a favorable environment for digital payments beyond borders.

[{"selector":"#anim-08b01e5d-e975-43a5-8016-28b081ea3c22 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(49.00593041005562%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-0a5c004a-2a56-4f12-a1a9-efc46d2204b8","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Moreover, this partnership presents an excellent opportunity for small and medium-sized businesses that operate with partners present in Singapore, offering them a service to optimize cross-border payments or collection.

[{"selector":"#anim-2abcbcdd-0189-4a46-84d9-005335db2a1b [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(16.80131370103155%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-260660d7-302e-416e-afee-6b9bf3b6ac6a","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] This development marks a significant step forward for digital payments in the region.

[{"selector":"#anim-b032d34a-ba0d-44fe-8eda-565c89d21b62 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(28.90624987200394%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-ad8a4f39-14c6-46d4-a937-8dea50be70f0","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] It is expected to have far-reaching implications for the future of cross-border payments.