Good News For UPI Users, Now Receive Funds From Singapore Through UPI And PayNow

This facility can be accessed by users of BHIM, PhonePe, Paytm, Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India apps.

New Delhi: Indians can now receive instant, secure, and cost-effective remittances from Singapore-based Indian diaspora directly into their bank accounts through major UPI Apps, National Payments Corporation of India (NCPI announced on Thursday.

"The cross-border linkage between Unified Payments Interface (UPI) & PayNow 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," NCPI said in a statement.

NCPI has added that 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, NCPI said.

"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," NCPI said.

The UPI-PayNow (Singapore's PayNow and India's Unified Payments Interface) linkage provides a convenient (24/7), real-time, secure, and convenient means for customers of participating banks and non-banking financial institutions (NFIs) to transfer funds across borders.