RBI, Asean countries to create platform for retail cross-border payments

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RBI, Asean countries to create platform for retail cross-border payments - Business Standard

Quick Summary:

The platform, expected to go live by 2026, will interlink domestic fast payment systems (FPS) of Malaysia, the Philippines, Singapore, Thailand, and India.

In January 2024, NPCI announced the launch of the UPI-PayNow linkage that enables Indians to receive remittances directly into their bank accounts from Singapore and vice-versa.

Last month, fintech major PhonePe collaborated with Sri Lanka-based LankaPay to enable UPI payments in the island country.RBI fines HSBC Rs 29.