Notes:
India and Singapore have announced the linking of the Unified Payments Interface (UPI) and PayNow, in order to enable users to make instant, low-cost fund transfers. The project to link the fast payment systems of both the countries was announced by Reserve Bank of India (RBI) and Monetary Authority of Singapore (MAS). This linked payment interface is expected to be operationalised by July 2022. Linked interface will help in making instant, low-cost fund transfers on a reciprocal basis without onboarding onto the other payment system. PayNow is the fast payment system of Singapore, enabling peer-to-peer funds transfer service.