India and Singapore to link their UPI
The central banks of India and Singapore will link their digital payment systems for "instant, low-cost fund transfers", said the two sides on 14 September 2021, aiming to finish the project by July 2022. Linking Reserve Bank’s Unified Payments Interface (UPI) and Monetary Authority of Singapore’s will be a "milestone in the development of infrastructure for cross-border payments".
- UPI, which supports person to person and person to merchant payments, is India’s flagship payment platform and logged more than 3 billion transactions for the second consecutive month in a row in August.
- Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood.
- It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.
- It was launched in 2016 and has seen sharp growth during the Covid-19 outbreak.