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Indians can now seamlessly receive remittances from Singapore directly into their bank accounts in real-time, owing to the major UPI-PayNow linkage announced by the National Payments Corporation of India (NPCI) on Thursday.
This breakthrough allows users of popular UPI and bank apps, including SBI, Axis Bank, and ICICI Bank, to access this service, along with BHIM, PhonePe, and Paytm apps.
Notably, Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India are among the banks already providing this functionality through their respective apps. The NPCI anticipates the inclusion of more Third-Party Application Providers (TPAPs) and bank apps, such as Bank of Baroda, Bank of India, Canara Bank, HDFC Bank, and others, in the near future, expanding choices for customers.
This cross-border linkage between Unified Payments Interface (UPI) and Singapore's Pay Now is a game-changer, facilitating instant, secure, and cost-effective remittances from the Indian diaspora directly into bank accounts. The UPI-PayNow linkage ensures real-time fund transfers, reaching recipients within seconds, employing robust security protocols for safe and reliable transactions.
Moreover, the NPCI emphasizes the competitive transaction fees, making this service particularly suitable for small and frequent remittances. The facility operates round the clock, 365 days a year, providing accessibility and convenience to users.
This interoperability achievement is the outcome of a collaborative effort between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS). The growing adoption of UPI in cross-border transactions not only enhances financial inclusion and convenience but also plays a crucial role in nurturing the overall growth of India's dynamic digital payment ecosystem, according to the NPCI.
