Singapore and India join forces to change the "payment" landscape, what the hell is "PayNow-UPI"? www.deekpay.com

## Singapore and India join hands to create a new era of cashless payments! Recently, the Monetary Authority of Singapore (MAS) and the Reserve Bank of India (RBI) jointly launched a cross-border payment platform called PayNow-UPI, which connects Singapore's PayNow system with India's Unified Payments Interface (UPI). This means that users in Singapore and India will be able to use their respective mobile payment apps to transfer money directly to each other, without the need for a bank account, just the other party's mobile phone number or email address. PayNow-UPI: A new experience in fast, secure and efficient cross-border payments The launch of the PayNow-UPI platform will provide more convenient, fast and secure cross-border retail payment and remittance services for businesses and individuals. Users can transfer money directly between bank accounts or e-wallets without cumbersome processes, saving time and costs. Singapore Prime Minister Lee Hsien Loong said that cross-border retail payments and remittances between Singapore and India amount to more than US$1 billion (approximately S$1,339 million) annually. the creation of PayNow-UPI will further streamline cross-border payment transactions, boost trade and investment activities between the two countries, and drive economic development on both sides of the border. PayNow-UPI: a new milestone in global digital payments The PayNow-UPI platform is the world's first cloud-based, cross-border real-time payment system connectivity with the participation of non-banking financial institutions. It is not only the first cross-border real-time payment system connection in India but also the second in Singapore. This innovative initiative marks a new level of global digital payments. PayNow and UPI: Proven Payment Systems Singapore's PayNow system has more than 3.8 million registered users since it went live in 2017, with transfers totalling more than S$32 billion. India's UPI system, on the other hand, has realised more than 2 billion transactions in 2020, involving more than Rs 4.2 trillion (about S$68 billion). The launch of the PayNow-UPI platform will undoubtedly inject new vigour into the development of global digital payments, so let's wait and see! (Some of the contents of this article refer to online information, if there is any infringement, please contact to delete)