The Reserve Bank of India (RBI) and the Monetary Authority Singapore (MAS) recently announced the UPI-PayNow linkage – the real-time payment system linkage between India’s Unified Payments Interface (UPI) and its equivalent network of Singapore, PayNow. This is the first such linkage for India which is the world’s biggest recipient of remittances. Transfers of funds between the two countries will now be possible using just mobile phones due to the tie-up.
Let’s decode how this tie-up will benefit the Indian economy.
The tie-up will benefit the Indian economy on three major grounds:
1. Helping India becoming more integral to globalised economy
2. Supporting the fintech ecosystem
3. Better foreign remittance, and many more.