PM Modi, PM Loong witness launch of linkage between India's UPI & Singapore's PayNow

PM Modi and PM Loong of Singapore participated in virtual launch of real time payment linkage between UPI of India and PayNow of Singapore. Singapore is the first country with which cross border Person to Person (P2P) payment facility has been launched. This will help Indian diaspora in Singapore, especially migrant workers/students and bring the benefits of digitalisation and FinTech to the common man through instantaneous and low-cost transfer of money from Singapore to India and vice-versa.