India's UPI and Singapore's PAYNow service joined


The Unified Payments Interface (UPI), which revolutionized online payments in India, and the somewhat similar Singaporean service ' Penau ' have now been linked with Akmak. Both services allow people in their respective countries to transfer money directly to each other's bank accounts using smartphones.

In general, transactions between two countries are more cumbersome and expensive as compared to intra-country rupee transactions. Linking UPI and Penau OneMack will now at least make money transactions between people in India and Singapore much faster. Singapore's contribution to India's remittances from other countries was 5.7 percent in 2020-21.

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