Indians can now benefit from seamless cross-border remittances as the National Payments Corporation of India (NPCI) introduces an integration between the Unified Payments Interface (UPI) and Singapore's PayNow. This initiative allows the Indian diaspora in Singapore to send secure and instant funds directly to Indian bank accounts through major UPI apps, including BHIM, PhonePe, and Paytm. Participating banks, such as Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India, are facilitating this innovative service.
The interoperability milestone is the outcome of a close collaboration between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS). The UPI-PayNow linkage ensures a real-time, secure, and convenient means for customers to transfer funds globally, offering financial inclusion and convenience. The service is available 24/7, providing users with a flexible and reliable platform for cross-border transactions.
NPCI highlights that more Third-Party Application Providers (TPAPs) and bank apps, including Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Federal Bank, HDFC Bank, IDFC First Bank, IndusInd Bank, Karur Vysya Bank, Kotak Mahindra Bank, Punjab National Bank, South Indian Bank, and UCO Bank, are expected to be added to the linkage soon.
This expansion aims to provide customers with a broader range of choices and further enhance the adoption of UPI in cross-border transactions. The initiative not only contributes to financial convenience but also plays a pivotal role in fostering the overall growth of India's dynamic digital payment ecosystem. Users can now experience the convenience of receiving funds seamlessly from the Singapore-based Indian diaspora, marking a significant step forward in global remittance solutions.
