How is the UPI-PayNow Expansion Boosting Cross-Border Remittances?
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Synopsis
Discover how the latest expansion of the UPI-PayNow service is revolutionizing cross-border remittances between India and Singapore. With 13 new banks added, this initiative promises greater accessibility and convenience for users in both countries.
Key Takeaways
- 13 more banks added to the UPI-PayNow service.
- Real-time money transfers between India and Singapore.
- Available to customers starting July 17, 2025.
- Users can receive funds via UPI-enabled apps.
- Strengthens economic ties between the two countries.
New Delhi, July 16 (NationPress) NPCI International Payments Limited (NIPL), the global branch of the National Payments Corporation of India (NPCI), has announced a significant enhancement to the UPI-PayNow real-time payment linkage by incorporating 13 additional banks into the system, thus broadening its accessibility and facilitating smoother cross-border remittances between India and Singapore.
This new facility will be accessible to customers of the newly added banks starting from July 17.
According to NPCI, "With this expansion, which will be effective on July 17, 2025, users in both nations can send funds to a larger network, enhancing service accessibility and convenience."
The remittance network to India now encompasses a total of 19 banks, including Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Kotak Mahindra Bank, Federal Bank, HDFC Bank, IndusInd Bank, South Indian Bank, Karur Vysya Bank, IDFC FIRST Bank, Punjab National Bank, and UCO Bank, alongside Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India.
As a result of this enhancement, recipients in India can conveniently receive remittances from Singapore into accounts at any of these 19 banks using preferred UPI-enabled apps like BHIM, Google Pay, and PhonePe.
Additionally, the funds can be accessed through the UPI app provider linked to these banks.
Besides ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India, Canara Bank, HDFC Bank, and Karur Vysya Bank also facilitate outbound remittances from India to Singapore.
This service is accessible to DBS SG and Liquid Group customers in Singapore, as noted by NPCI.
The collaboration between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) led to the creation of the UPI-PayNow service.
This service allows for immediate cross-border money transfers; Indian users can send funds to Singaporean users utilizing their Virtual Payment Address (VPA) or mobile number, while Indian users can receive funds using their UPI ID.
Being the world’s pioneering cloud-based, real-time cross-border payment system, this initiative represents a remarkable advance in global payment connectivity.
“The enhancement of the UPI-PayNow linkage signifies progress in fortifying the cross-border payment infrastructure,” stated Ritesh Shukla, MD and CEO of NPCI International.
By broadening access to more banks in India, we are enhancing the scope of real-time remittances and fostering greater financial connectivity between the two nations,” Shukla concluded.
Point of View
It is essential to recognize that the growth of the UPI-PayNow service not only enhances individual financial experiences but also fortifies economic ties between India and Singapore. This development signifies a commitment to innovation in financial services, ensuring that users are equipped with convenient and efficient tools for cross-border transactions.
NationPress
16/07/2025
Frequently Asked Questions
What is the UPI-PayNow service?
The UPI-PayNow service facilitates real-time cross-border money transfers between India and Singapore, allowing users to send and receive money instantly.
Which banks are included in the expanded UPI-PayNow service?
The expanded service now includes 19 banks, such as Bank of Baroda, HDFC Bank, ICICI Bank, and others, enhancing the remittance network.
When will the new banks be available for UPI-PayNow transactions?
The new banks will be available for transactions starting July 17, 2025.
How can users send money using UPI-PayNow?
Users can send money using their Virtual Payment Address (VPA) or mobile number through UPI-enabled apps like BHIM, Google Pay, and PhonePe.
What is the significance of this expansion?
The expansion strengthens cross-border payment infrastructure, making remittances more accessible and convenient for users in both India and Singapore.
