Fintechs see UPI-PayNow linkage as foundation for a global network

On Tuesday, India and Singapore linked their digital payment systems, United Payments Interface (UPI) and PayNow, to enable real-time money transfers

The linkage of digital payment systems of India and Singapore will lay a foundation for a global digital payment network and lead to more innovations in the e-payment ecosystem in India, experts told Business Standard.

On Tuesday, the two countries linked their digital payment systems, United Payments Interface (UPI) and PayNow, to enable real-time money transfers. The users of these platforms in India and Singapore can now send money across the border using just a mobile number, much like UPI in India.

"Considering the Indian diaspora across the globe, the National Payments Corporation of India (NPCI) has recently been planning