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To enable virtual transactions via mobile phones between India &
Singapore the Monetary Authority of Singapore (MAS) and the Reserve
Bank of India (RBI) today launched the linkage between Singapore’s
PayNow and India’s Unified Payments Interface (UPI).
Indian customers of all participating Indian banks will be able to receive
funds through the service from the onset. Sending of funds is limited to
customers of four Indian banks at the time of launch, with this scope to
be gradually expanded.
This transfer of funds will happen between bank accounts or e-wallets
across the two countries in real-time.
They can do this using just the mobile phone number, UPI identity, or
Virtual Payment Address (VPA).
The linkage provides customers with a safe, simple, and cost-effective way
to make cross- border fund transfers. This is first such for the South Asian
nation that is the world’s biggest recipient of remittances.
The launch was officiated by Prime Minister of Singapore, Lee Hsien Loong,
and Prime Minister of India, Narendra Modi. MAS Managing Director Ravi
Menon and RBI Governor Shaktikanta Das executed live cross-border fund
transfers to each other from their respective locations in Singapore and India.
For more information: https://smeventure.com/cybercriminals-gaining-maturity-challenges-grow-for-cyber-defenders/
This service will be available to Singapore customers of DBS Bank and Liquid
Group under a phased approach, where these institutions will progressively
increase the number of eligible user groups and transaction limits from today
till end-March 2023.
Singapore participants are DBS and Liquid Group. India participants are
Axis Bank, DBS India, ICICI Bank, Indian Bank, Indian Overseas Bank and
State Bank of India. Liquid Group is the first non-bank financial institution
to participate in Singapore’s cross-border real-time payment system linkage
via its LiquidPay e-wallet.
Do watch: https://www.youtube.com/shorts/mxmhEv0xPgM
A Singapore PayNow user sending money to India will need to key in the
recipient’s registered UPI identity. An India UPI user sending money to
Singapore will need to key in the recipient’s registered PayNow mobile
number or VPA. UPI identity and VPA are identifiers that are uniquely
linked to an individual bank account. An example of a UPI identity is
1234567890@sbi and an example of a LiquidPay VPA is +651234567#XNAP.