The integration of India’s Unified Payments Interface (UPI) with PayNow in Singapore is expected to go live soon.
“The integration of UPI and Singapore’s PayNow with India is complete and ready for launch,” according to the news agency. Sopnendu Mohanty, chief fintech officer at the Monetary Authority of Singapore (MAS), was quoted by PTI as saying on the sidelines of the G20 First Working Group meeting on financial inclusion in Kolkata. The project’s implementation will reduce the cost of sending remittances by up to 10%: a Monetary Authority of Singapore official. NPCI MD and CEO Dilip Asbe reiterated that three to four countries have already expressed an interest in adopting UPI, and that implementation would take 2-3 years.
