UPI-Paynow Link: How It Will Benefit India’s Economy – 4 Points

The Reserve Bank of India (RBI) and the Monetary Authority Singapore (MAS) recently announced the UPI-PayNow linkage – the real-time

zeebusiness

UPI-Paynow Link: How It Will Benefit India’s Economy – 4 Points

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.

Share this Post

Explore Other FidyPay Products

API Banking

API (Application Programming Interface) Banking refers to a set of tools, protocols, and routines that connects banks and other financial institutions with a third-party API Banking platform such as FidyPay.

BBPS is an integrated online platform developed by NPCI for different kinds of bill payments. It is an interoperable service that enables payment collection for over 200 billers across 22 varied categories.

eNACH or Electronic National Automated Clearing House is a new payment collection service in India that allows bank account holders to automate payment collections from customers.

Want to make your verification process for onboarding your customers more quickly and efficient? So, choose FidyPay’s services right now and reap all the benefits of knowing your customers more effectively.

Recent Media