India and Singapore have enabled real-time cross-border transactions between the two countries. On Tuesday, India linked its Unified Payments Interface (UPI) system with Singapore’s PayNow system. This collaboration is the first of its kind between two nations and will allow users in both India and Singapore to make instant money transfers across borders. The interoperability between the UPI and PayNow payment systems marks a significant milestone in digital payments integration between countries.
UPI, or Unified Payments Interface, is a real-time payment system that has become increasingly popular in India. The platform allows users to send and receive money directly from their bank accounts, without the need for a physical check or an intermediary.
With the introduction of the UPI Paynow Linkage, users will be able to make cross-border transactions using UPI. The platform will allow users to send money from India to other countries, and vice versa, using their UPI IDs. The platform will also support multiple languages and currencies, making it accessible to a wider range of users.
The NPCI says that the UPI Paynow Linkage will provide users with a secure and convenient way to make cross-border transactions. The platform will use advanced security measures to protect users’ financial information and transactions.
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The launch of the UPI Paynow Linkage is being seen as a major step forward for the Indian payment system. The platform will make it easier for users to send and receive money across borders, and will help to promote financial inclusion for people who may have previously been excluded from the traditional financial system.
In conclusion, the UPI Paynow Linkage is a welcome addition to the Indian payment system, and is expected to have a significant impact on cross-border transactions. The platform’s ease of use, security measures, and support for multiple languages and currencies will make it a popular choice for users looking to make cross-border transactions using UPI.
How it works and how it will be live if it will be available in Nepal?