PROJECT AGREEMENT! India, Singapore to link their Fast Payment Systems, UPI and PayNow
This will allow 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
This initiative is also in line with RBI's vision of reviewing corridors and charges for inbound cross-border remittances outlined in the Payment Systems Vision Document 2019-21. Source: PTI