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India seeks to grow reach of its real-time payment system, will be linked to PayNow this year
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The proposed linkage will enable convenient, low-cost fund transfers between bank accounts in India and Singapore.
PHOTO: ST FILE
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NEW DELHI - During his visit to India last month, Singapore Foreign Minister Vivian Balakrishnan highlighted the digital economy as an area where ties could grow between the two countries.
That ambition will gain traction with the proposed linkage this year between Singapore's PayNow and India's Unified Payments Interface (UPI) real-time payment systems, which will enable convenient, low-cost fund transfers directly between bank accounts in both countries.
