In a major filip to UPI abroad, Indians can now receive instant and cost-effective remittances from Singapore-based Indian diaspora directly into their bank accounts through major UPI apps.
In February last year, Prime Minister Narendra Modi and his Singapore counterpart Lee Hsien Loong launched cross-border connectivity between UPI and PayNow via videoconferencing.
“This facility can be accessed by users of BHIM, PhonePe, and Paytm apps. Additionally, 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,” the National Payments Corporation of India (NPCI) said in a statement.
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.
Key benefits of receiving funds via UPI-PayNow:
Instant: Funds are transferred in real-time, reaching the recipient’s bank account within seconds.
Secure: The linkage utilises robust security protocols to ensure safe and reliable transactions.
Cost-effective: Transaction fees are competitive, making the service ideal for small and frequent remittances.
Convenient: The facility is available 24/7, 365 days a year.
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