NPCI Breaks Ground: Indians to Enjoy Instant Remittances from Singapore via UPI-PayNow Linkage

In a groundbreaking move, the National Payments Corporation of India (NPCI) announced a significant development on Thursday, enabling seamless and real-time remittances for Indians from Singapore directly into their bank accounts. This milestone is achieved through the integration of the Unified Payments Interface (UPI) with Singapore’s PayNow.

Users of popular UPI and bank apps, including SBI, Axis Bank, and ICICI Bank, as well as BHIM, PhonePe, and Paytm, can now access this service. Already operational with banks like Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India, the NPCI envisions the inclusion of more Third-Party Application Providers (TPAPs) and bank apps in the near future, providing expanded choices for customers.

This cross-border linkage ensures instant, secure, and cost-effective remittances, allowing funds to reach recipients within seconds. The NPCI emphasizes competitive transaction fees, particularly suitable for small and frequent remittances. Operating round the clock, 365 days a year, the service prioritizes accessibility and convenience for users.

The achievement stems from a collaborative effort between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS). This move not only enhances financial inclusion and convenience but also contributes to the growth of India’s dynamic digital payment ecosystem, marking a significant leap in cross-border transactions via UPI.