India and Singapore launch cross-border payment system UPI-PayNow

India and Singapore launch cross-border payment system UPI-PayNow.

Prime Minister Narendra Modi and Singaporean Prime Minister Lee Hsien Loong launched a cross-border connection between India’s Unified Payments Interface (UPI) and Singapore’s PayNow.

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UPI is a fast payment method where funds can be transferred instantly through a mobile phone number.

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Like UPI, Singapore also has a PayNow facility.

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