Linking UPI with Singapore’s PayNow is just the first step
Almost 15 months after they first announced it, India and Singapore now have a system in place for the instant transfer of funds between people in the two countries. This is a significant marker in the policy map of both the Reserve Bank of India (RBI) and the government, which aim to take India’s digital payment systems global. It appears to be timed well, coming as it does on the eve of the meeting of finance ministers and central bank governors of the G20 in Bengaluru, where India is set to showcase its digital public infrastructure.
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