Tuesday, June 18, 2024
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India and Singapore are set to officially integrate their respective digital payment systems, United Payments Interface (UPI) and PayNow, at the upcoming G20 Digital Economy Ministerial Meeting. The integration of the two systems will allow for seamless and secure cross-border transactions between the two countries, making it easier for individuals and businesses to make payments to each other. This collaboration is the first of its kind and will serve as a model for other countries to follow, as it will pave the way for the development of a digital economy in the region.

The integration of UPI and PayNow is a significant step forward in the digitalization of the Indian economy. With UPI already being widely adopted in India, this collaboration will bring greater convenience to individuals and businesses in India, who will have the ability to make digital payments and transfer money to Singapore in real-time, while businesses in Singapore will have the advantage of being able to access the huge Indian market.

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