India's UPI Goes Global: UPI Now Linked With Singapore's PayNow; Who Will Benefit | Explained

Residents of Singapore and India can now instantly transfer money to each other via Unified Payments Interface (UPI) and Pay Now. The cross-border real-time payment systems linkage was launched at 11am on Feb 21, led by Reserve Bank of India (RBI) governor Shaktikanta Das, and Ravi Menon, managing director of the Monetary Authority of Singapore. Prime Minister Narendra Modi and Singapore Prime Minister Lee Hsien Loong virtually attended the launch event. What does this move mean and how will it benefit the users. We explain.