Information Technology
NPCI International Expands UPI-PayNow Linkage to Drive Cross-Border Remittances
The expanded network for remittances to India now includes 19 banks—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 alongside Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India .
Recipients in India can receive remittances from Singapore in their accounts held with any of these 19 banks through their preferred UPI enabled apps such as BHIM, Google Pay and PhonePe, as well as bank apps. Outward remittances from India to Singapore are available through Canara Bank, HDFC Bank and Karur Vysya Bank along with ICICI Bank, Indian Bank, Indian Overseas Bank and State Bank of India . In Singapore , customers of DBS SG and Liquid Group can avail this service.
The UPI-PayNow service was launched as a joint initiative between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS). It facilitates real-time cross-border fund transfers between individuals, where Indian users can receive funds via UPI ID and send funds to users in Singapore via their mobile number or Virtual Payment Address (VPAs). As the world's first cloud-based, real-time cross-border payment system, the initiative is a pioneering step in global payment connectivity.
This development is particularly beneficial for the Indian diaspora in Singapore , including migrant workers and students, bringing the ease of digital payments to everyday remittances. UPI is already accepted via QR codes at select merchant outlets in Singapore , further extending its utility.
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UPI-PayNow integration enables real-time cross-border remittance transactions, with funds reaching the recipient's bank account within seconds. The service leverages strong security protocols to ensure safe and reliable transfers. It is ideal for small and frequent remittances, providing users with a convenient and cost-effective way to send and receive money anytime.
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