The introduction of cross-border linkage between the Unified Payments Interface (UPI) of India and PayNow of Singapore has been observed by Prime Ministers Narendra Modi of India and Lee Hsien Loong of Singapore. The cross-border link was introduced by Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), and Shaktikanta Das, governor of the Reserve Bank of India (RBI). In India, UPI became the most popular payment method in 2022 with 74 billion transactions totalling more than ₹ 126 trillion. According to experts, the integration of the two digital payment systems will make it possible for citizens of both nations to send cross-border remittances more conveniently, quickly and securely. Let's find out how. Speaking on the initiative, Akash Sinha, Co-founder & CEO, Cashfree Payments said “The initiative of linkage between India’s Unified Payments Interface (UPI) and Singapore’s PayNow, by the Indian Government is a crucial development in the nation's cross-border imperative. The connectivity between the two payment systems will make cross-border remittances more convenient, quick and cost-efficient. This move will bolster the trade and remittance flow between the two countries. It will significantly benefit migrant workers, tourists, small businesses, and enterprises. This will also establish a significant foundation for cross-border payments between India and ASEAN countries, creating a favorable environment for digital payments beyond borders. In the grand scheme, this creates an enabling environment for innovators and regulators to accelerate the delivery of effective digital payments solutions. It also provides a secure and conducive environment for consumers to adopt fintech solutions. " TRENDING STORIES See All Premium The G20 must help resolve debt crises across the world Premium Centre approves quality control order for mandatory cer . . . Premium January’s inflation data served us a reminder of RBI’s . . . Premium Why aren’t we all wealthy yet if investment advice is p . . . Swapnil Jambhale, Co-founder and COO, Safexpay, the fastest growing global payments platform said "The collaboration of two fast payments systems (UPI and PayNow) will enable real-time, efficient, and most importantly, safe cross border funds transfers for users at the comfort of their mobile phones. Remittance can be made through bank accounts or digital wallets via UPI, using just the UPI ID, VPA or mobile number. Additional information such as bank account number, IFSC code are not required. This is a testimony to India's growth as the digital payments superpower, further it fosters an ecosystem for financial inclusion and digital India goals. RBI’s partnership with the Monetary Authority of Singapore (MAS) brings together extensive resources which will aid India’s fintech growth. Currently, only a few banks have been chosen from both the countries to offer this cross-border remittance service. Customers of the selected banks can use this service via net banking as well. This partnership also presents an opportunity for small and medium businesses who operate with partners present in Singapore, offering them a service to optimize cross-border payments or collection. " Swapnil Jambhale, Co-founder and COO, Safexpay said “The move of extending Unified Payments Interface (UPI) for in-bound travellers from the G20 countries comes at a strategic point after announcing the UPI facility for NRI with NRE and NRO accounts linked with their mobile numbers. With G20 India Summit coming up, this step will turn out to strengthen India’s position as the payments leader in the global market. In-bound travellers from G20 countries will be able to experience UPI payments while transacting with different merchants. Once these travellers arrive in India, they will be able to avail the facility by complying with the necessary procedure set by RBI at the airports and select entry points. India’s UPI is one of the most successful electronic payments system globally. Therefore, the extension of UPI services to citizens of G20 countries will foster India’s relationship with these nations for future collaborations. " Supratik Nag Vice President – Product Management Maveric Systems said “The real-time payment networking with Singapore is just the beginning of a greater disruption of the digital payment ecosystem by India. Considering the Indian diaspora across the globe, the National Payments Corporation of India (NPCI) has recently been planning to allow NRIs from 10 countries, namely Singapore, Hong Kong, Oman, Qatar, Saudi Arabia, United Arab Emirates, USA, Australia, Canada, and the United Kingdom to digitally transfer funds using the UPI platform from their NRE/NRO accounts. Singapore is the first from this set of 10 countries. It is indeed a revolution that customers in these countries can make cross-border transactions with India in real time with just their foreign mobile numbers. Technically such a global real-time linkage of the payment systems reduces the dependency on the SWIFT network, thereby optimizing time and resources and enhancing cross-border remittance. This move is a big win from the customer's perspective as it opens up a new avenue of payment experience and brings them closer to their homes. In India, while only 5 – 6 banks are a part of this current India-Singapore cross-border payment network, we can expect more banks to join in. The UPI- PayNow network could become the main channel of cross-border transactions between the two countries in the long run. " MORE FROM THIS SECTION See All Premium Premium Some FTX customers get their money back—in Japan, at least Premium Premium Transparency and Transferability: New age of Alternativ . . . Premium Premium Private banks better placed than state banks in India: . . . Premium Premium Bank FD vs Senior Citizen Savings Scheme (SCSS): Latest . . . On February 21, the Reserve Bank of India extended its unified payments interface (UPI) services to include visitors from the G-20 nations. "To start with, it is available to travellers from G-20 countries, at select international airports (Bengaluru, Mumbai and New Delhi). Eligible travellers would be issued Prepaid Payment Instruments (PPI) wallets linked to UPI for making payments at merchant outlets," the apex bank said in the release. ABOUT THE AUTHOR Vipul Das Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns. in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC). Read more from this author Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. More Less Topics upi OPEN IN APP.