Introduction: In a significant development, the integration between the Unified Payments Interface (UPI) and Singapore’s Pay Now is paving the way for Indians to receive rapid, secure, and cost-effective remittances from the Indian diaspora in Singapore. This seamless process allows funds to be directly transferred into the recipients’ bank accounts, enhancing convenience and efficiency.
Access to this feature is currently available to users of popular apps such as BHIM, PhonePe, and Paytm, along with certain banks including Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India. The collaboration is expected to expand further, encompassing additional Third-Party Application Providers (TPAPs) and banks, providing users with a broader range of choices.
Participating Banks and Apps:
Conclusion: The UPI-Pay Now linkage signifies a remarkable advancement in cross-border remittances, offering Indians an efficient and secure channel for receiving funds from Singapore. The collaborative efforts of the RBI and MAS underline the commitment to advancing digital payment ecosystems. As this integration expands to include more banks and apps, it is poised to play a pivotal role in shaping the future of India’s digital economy. Users can stay informed about this transformative linkage and its implications for the financial landscape.
Major UPI Apps Enabled to Receive Remittances from Singapore via UPI-Pay Now Linkage
Users can receive funds from Singapore through UPI
Mumbai, 11 January 2024: The cross-border linkage between Unified Payments Interface (UPI) & Pay Now is enabling Indians to receive instant, secure, and cost-effective remittances from Singapore-based Indian diaspora directly into their bank accounts. This facility can be
accessed by users of BHIM, PhonePe, and Paytm apps. Additionally, banks such as Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank
of India provide this functionality through their respective apps.
More Third-Party Application Providers (TPAPs) and bank apps such as 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 will broaden the range of choices offered to customers.
Key benefits of receiving funds via UPI-Pay Now:
This interoperability milestone is the result of close collaboration between the Reserve Bank of India (RBI) and Monetary Authority of Singapore (MAS). The increasing adoption of UPI in cross-border transactions not only amplifies financial inclusion and convenience but also plays a pivotal role in fostering the overall growth of India’s dynamic digital payment ecosystem.
To know more about UPI-PayNow linkage, click here.
National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. NPCI has created a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), Aadhaar Enabled Payment System (AePS), National Electronic Toll Collection (NETC) and Bharat BillPay.
NPCI is focused on bringing innovations in the retail payment systems through the use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payment solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.