In a groundbreaking development, Indians residing in Singapore now have the seamless ability to receive instant and secure money transfers from their homeland, thanks to a cross-border collaboration between the Unified Payments Interface (UPI) and PayNow.
This initiative, facilitated by the National Payments Corporation of India (NPCI), signifies a significant stride in enhancing financial connectivity for the Indian diaspora in Singapore.
The cross-border linkage empowers users of the BHIM, Paytm, and PhonePe apps, along with clients of major banks such as Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India.
Moreover, the NPCI has announced upcoming integrations with HDFC Bank, Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Federal Bank, IDFC First Bank, IndusInd Bank, Karur Vysya Bank, Kotak Mahindra Bank, Punjab National Bank, South Indian Bank, and UCO Bank, further expanding the accessibility of this groundbreaking service.
The NPCI emphasizes the immediate, secure, and 24/7 availability of this cross-border money transfer service. Additionally, the transaction fees are deemed competitive, making it an attractive option even for small and frequent remittances.
This collaboration not only ensures financial inclusion but also aligns with the overarching growth of India’s dynamic digital payment ecosystem.
This interoperability has been achieved through a close partnership between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore. The growing adoption of UPI in cross-border transactions is heralded as a significant step towards amplifying financial inclusion, fostering international collaborations, and contributing to the overall expansion of India’s digital payment landscape.