The RBI and the Monetary Authority of Singapore (MAS) on Monday launched the linkage between Unified Payments Interface (UPI) and Singapore’s PayNow, which will enable cross-border fund transfers.

This facility will see customers of participating financial institutions in the two nations to send and receive funds between bank accounts or e-wallets real-time.

They can do this using the mobile phone number, UPI identity, or Virtual Payment Address (VPA). Prime Minister Narendra Modi and Singapore PM Lee Hsien Loong attended the launch.

The facility was kicked off through token transactions by RBI governor Shaktikanta Das and MAS managing director Ravi Menon. SBI, Indian Overseas Bank, Indian Bank, and ICICI Bank will facilitate both inward and outward remittances, while Axis Bank and DBS India will facilitate inward remittances.

For Singapore users, the service will be made available through DBS-Singapore and Liquid Group.