Highlights: Singapore-India collaboration sets new standards for easy and secure transactions through UPI, Paytm, and PhonePe
- UPI-PayNow linkage feature has been announced by the National Payments Corporation of India (NPCI).
- This feature allows Indians to receive remittances from Singapore straight into their bank accounts.
- Banks offering this feature include DBS Bank, Axis Bank, ICICI Bank, Indian Overseas Bank, Indian Bank, and State Bank of India.
- This service operates for 365 days a year, and offers easy accessibility and convenience to users.
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NPCI's UPI-PayNow linkage revolutionizes cross border remittances
The National Payments Corporation of India (NPCI) announced the launch of UPI-PayNow linkage, allowing Indians to receive remittances from Singapore straight into their bank accounts in real-time.
This achievement is the result of collaborative efforts between the Monetary Authority of Singapore (MAS) and the Reserve Bank of India (RBI).
This service is available to the users of BHIM, PhonePe, and Paytm applications, along with established UPI and bank apps like Axis Bank, SBI, and ICICI Bank.
Banks offering UPI-PayNow Linkage
The banks that now offer this feature through their individual applications are DBS Bank, Axis Bank, ICICI Bank, Indian Overseas Bank, Indian Bank, and State Bank of India.
In order to give clients additional options, the NPCI plans to broaden its reach by adding Third-Party Application Providers (TPAPs) and bank apps such as Bank of India, Bank of Baroda, HDFC Bank, Canara Bank, and more.
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UPI-PayNow provides swift and secure transactions
This cross-border connection between Singapore's PayNow and the Unified Payments Interface (UPI) makes it possible for Indian expatriates to send money straight into bank accounts in a quick, safe, and affordable manner.
The UPI-PayNow linkage guarantees secure transactions through the use of strong security systems and real-time transfers
Offers simple and easy accessibility to users
The NPCI underscores the competitive transaction rates, making this service more suitable for small and persistent remittances. The facility operates 365 days a year, offering accessibility and convenience to users.
The increasing use of UPI in cross-border transactions not only enhances financial involvement and convenience but also greatly contributes to the development of India's dynamic digital payment environment.
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Web Story: You can send money from Singapore to India via UPI, Paytm, PhonePe now!