India’s Unified Payments Interface (UPI) is integrating with PayNow to allow Indian diaspora in Singapore to send remittances to recipients in India.
In an official statement, National Payments Corporation of India (NPCI) said Indians can now receive instant, secure, and cost-effective remittances directly into their bank accounts from Singapore-based diaspora.
The facility, which is available 24/7, can be accessed by users of BHIM, PhonePe, and Paytm apps as well as through several banking apps including Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India.
The NPCI further outlined a range of third-Party application providers (TPAPs) and bank apps that area expected to be added to the linkage soon. Among the benefits of receiving funds via UPI-Now it highlighted its instant nature where funds are transferred in real-time, and its robust security protocols ensuring reliable transactions.
This interoperability milestone comes as result of close collaboration between the Reserve Bank of India (RBI) and Monetary Authority of Singapore (MAS) who see UPI adoption in cross-border transactions as key to improving overall financial inclusion.
NPCI is an umbrella organisation for operating retail payments and settlement systems in India. It was set up as an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, with the aim of creating a more robust Payment & Settlement Infrastructure in India
