With an aim to make
cross-border payments
easy, India and Singapore last year linked their respective digital payments systems, Unified Payments Interface (UPI) and
PayNow
. The National Payments Corporation of India (
NPCI
) has now announced that this facility is live on
BHIM
(Bharat Interface for Money),
PhonePe
and
Paytm
.
“The cross-border linkage between UPI and PayNow is enabling Indians to receive instant, secure, and cost-effective remittances from
Singapore-based Indian diaspora
directly into their bank accounts,” NPCI said on Thursday (January 11).
Which banks’ apps are supported
The umbrella organisation for operating retail payments and settlement systems in India said that 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.
It 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 offer a wider range of choices offered to those looking to transfer
Benefits of receiving funds via UPI-PayNow:
- The funds are transferred in real-time, reaching the recipient's bank account within seconds.
- The linkage utilises robust security protocols for safe and reliable transactions.
- Transaction fees are competitive, making the service ideal for small and frequent remittances.
- Convenient: The facility is available 24/7, 365 days a year.
“This interoperability milestone is the result of close collaboration between the Reserve Bank of India (RBI) and the 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,” NPCI added.
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