11 May 2026
India and Singapore launch cross-border real-time payment via UPI-PayNow
UPSC
Banking
International Relations
Economy
Science
Summary
India-Singapore activated next phase of UPI-PayNow integration. Real-time bank-to-bank payments under SGD 1000 per transaction. ~₹250 cr transactions in pilot. Similar arrangements being finalized with UAE, France, Bhutan.
Why it matters
UPSC GS-3 (Economy, S&T), Banking. Connect with internationalization of rupee, NPCI, BHIM UPI ecosystem.