Report Wire - India, Singapore to hyperlink digital fee methods

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India, Singapore to hyperlink digital fee methods

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The central banks of India and Singapore will hyperlink their digital fee methods for “instant, low-cost fund transfers”. The linkage, which is focused for operationalisation by July 2022, is predicted to incentivise extra retail buyers to entry international markets and make fund switch cheaper.
The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) on Tuesday introduced a challenge to hyperlink their respective quick fee methods — Unified Payments Interface (UPI) and PayNow.
“The UPI-PayNow linkage will enable users of each of the two fast payment systems to make instant, low-cost fund transfers on a reciprocal basis without a need to get onboarded onto the other payment system,” the RBI mentioned.