India: India and Singapore link of real-time payment systems
Progress
Current status
adopted
21 Feb 2023 adopted
14 Sep 2021 under deliberation
Scope
Implementers
India
Singapore
Policy Area
Design and testing standards
Policy Instrument
Interoperability requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Government Branch
executive
Government Body
central bank
Implementation Level
bi- or plurilateral agreement
Timeline of events
Launched Singapore-India real-time payment system
On 21 February 2023, the Reserve Bank of India and the Monetary Authority of Singapore announced the implementation of the linkage between Singapore's "PayNow" and India's "Unified Payments Interface" (UPI), which will allow customers from both juri…
SourceEvent type
declaration
Action type
adoption
Government branch
executive
Government body
central bank
Announced India and Singapore link of real-time payment systems
The Monetary Authority of Singapore (MAS) and the Reserve Bank of India announced the plan to establish a link between their real-time payment systems, to enable interoperability between their systems. Singapore’s PayNow and India’s Unified Payments…
SourceEvent type
declaration
Action type
announcement
Government branch
executive
Government body
central bank