Photo credit: Civil Service College Singapore
The Monetary Authority of Singapore (MAS) and the Reserve Bank of India (RBI) have officially linked their real-time payment systems to enhance cross-border payment connectivity between the two countries.
The linkage between Singapore’s PayNow India’s United Payments Interface (UPI) is live starting today. The launch was officiated by the countries’ prime ministers: Lee Hsien Loong of Singapore and Narendra Modi of India.
This is the world’s first real-time payment systems linkage to use a scalable cloud-based infrastructure that can accommodate future increases in the volume of remittance traffic, according to a press statement from MAS.
The service will be available to Singapore customers of DBS Bank and Liquid Group, which will progressively increase the number of eligible user groups and transaction limits from today till the end of March.
In a separate press statement, DBS Bank said selected customers can use PayNow-UPI to transfer funds of up to S$200 per transaction, capped at S$500 per day. By March 31, the service will be extended to all customers, who will then be able to transfer funds of up to S$1,000 a day.
Indian customers of all participating banks in India can receive funds through the service from the onset. Sending funds is limited to customers of four Indian banks at the time of launch, but this will be gradually expanded.
Singapore already has a similar tie-up with Thailand’s PromptPay, while India expects a partnership with Malaysia soon.
Currency converted from Singapore dollar to US dollar: US$1 = S$1.33.
Editing by Miguel Angel Cordon, Dhania Putri Sarahtika, and Eileen C. Ang
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