Odaily Planet Daily News India's national payment network Unified Payments Interface (UPI) is expanding its services outside India by integrating with Singapore's PayNow fast payment system. Reserve Bank of India Governor Shaktikanta Das and Monetary Authority of Singapore Managing Director Ravi Menon launched the service through a token transaction linked to UPI-PayNow. The UPI-PayNow integration will allow users in both countries to quickly remit money across borders. Users can send or receive money from India simply by using UPI-id, mobile phone number or virtual payment address in bank account/electronic wallet. UPI's real-time payment system facilitates the immediate transfer of cash through a mobile interface between two bank accounts. Initially, State Bank of India, Indian Overseas Bank, Bank of India and Industrial Credit Investment Bank of India will facilitate outbound remittances. Axis Bank and DBS Bank India will facilitate inbound remittances. DBS Bank and Liquid Group will provide this service to users in Singapore. (Cointelegraph)