India: Announced India and Singapore link of real-time payment systems
Description
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 Interface (UPI) are planned to be connected by July 2022.
Original sourceScope
Policy Area
Design and testing standards
Policy Instrument
Interoperability requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
bi- or plurilateral agreement
Government Branch
executive
Government Body
central bank