The move is a major push to disrupt the cross-border flow of money between the two nations that amounts to more than $1b each year. Eight banks are currently participating in the collaboration, and citizens in each nation can use their local payments systems to send money to those in the foreign land in “real-time.”
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India and Singapore link UPI and PayNow in cross-border payments push
“As we progressively add more users and use cases, the PayNow and UPI linkage will grow in utility and contribute more to facilitating our trade and our people to people links,” he added.
