UPI-PayNow Integration for Cross-Border Payments: 5 Points on What the System Aims to Achieve

Singapore is the first country to allow cross-border Person to Person (P2P) payments with users in India and these cross-border payments can be completed using smartphones. The UPI-PayNow integration between India and Singapore will allow for faster, low-cost transfer of funds between users in India and Singapore, as long as they are registered users of one of the payment systems. Both UPI and PayNow allow users to send and receive funds via bank-to-bank transfers, and the sender and recipient can identify each other using their mobile numbers or VPA. This eliminates the need to share bank details with the recipient, which improves the privacy and safety of users participating in the transaction. According to details shared by the RBI announcing the new integration, select merchant outlets in Singapore have already begun accepting UPI payments through the use of QR codes. The system to integrate the payment mechanisms for both countries could also come in handy for remittances, and other regular payments for students and migrant workers from India in Singapore and vice versa.

As a writer on technology with Gadgets 360, David Delima is interested in open-source technology, cybersecurity, consumer privacy, and loves to read and write about how the Internet works. David can be contacted via email at DavidD@ndtv.com, on Twitter at @DxDavey, and Mastodon at mstdn.social/@delima. More